. Wong's elegantly composed 1960s romance of two married neighbours desperately trying not to fall in love with each other has been nominated for 12 awards altogether.
"Wong Kar-wai is considered one cut above the rest by the local film circle so I think his film stands a good chance of winning some awards," said Lam.
"But then, "Crouching Tiger" has the advantage of just having picked up two major awards at the Oscars in March."
The kung-fu epic, which wowed audience overseas with its captivating fighting scenes shot in dozens of location across China, has not had the same magic touch at home.
It did not even make the top five at last year's box office in Hong Kong, where the audience has been accustomed to martial arts flicks. It has, nonetheless, received nominations in all 16 categories at the Hong Kong awards except best new performer.
"In the Mood for Love," which was shot mainly in the corridors and stairways of a dilapidated apartment block in Hong Kong, has equally been criticised by mainstream audience in the territory for lacking dynamism and being too slow-moving.
Yet, local film makers have had both films to thank for helping to revitalise Hong Kong's flagging movie industry, which at its peak in the early 1990s, made around 300 films a year.
The trade, once the most thriving in the region, began to slide downhill soon after the territory's handover from Britain to China in 1997. Rampant video piracy and gangsters muscling into production also led to an exodus of talent.
While the two internationally acclaimed productions might have stolen much of the limelight at this year's awards, film critics said some of the local contenders should not be entirely ignored.
"One mustn't forgot the fact that "Needing You" was the top grossing film in Hong Kong last year. It was a very popular movie," Li Cheuk-to of the Hong Kong Film Critics Society told Reuters, referring to the fluffy romantic comedy starring hearthrob Andy Lau and the queen of cantopop Sammi Cheng. The film has received nods for best picture as well as in other top categories.
While Tony Leung as a cuckolded husband in "In the Mood for Love" has emerged as the critics' choice to take home Best Actor, Li said Leung was by no means a sure win. "He may appear to be the strongest contender but this might in fact be a disadvantage," he said
"Critics might be reluctant to choose him because they feel he already won at Cannes and that's enough."
"With Chow Yun-fat (in "Crouching Tiger"), people feel he doesn't need another Hong Kong award because he's already a Hollywood star," said Li about Chow who won the award three times in the 1980s before embarking on a career in Tinseltown. He said Francis Ng in "Juliet In Love" could emerge as the dark horse in the best actor category. Another dark horse is "Durian, Durian" directed by local arthouse movie maker Fruit Chan, which has been nominated for best picture, best director and best actress as well as a handful of smaller awards. The drama examined the relationship between Hong Kong and its communist overlord through the life of a girl from mainland China who became a prostitute after moving to Hong Kong.
"I think it was one of the few films (last year) that had something to say," said Chinese movie expert Paul Fonoroff. Reuters
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