It's actually a bit sad, even if it's the same director that did the first Mr Vampire, it just seems like he never got the magic back that did the first one such a good film. This film isn't as bad as the second one, but it's also not keeping a focused plot as the first one.
The film is pretty simple, two priests living next doors to each other can't get along and fight between each other over different things. 45 minutes into the film, the actual vampire plot kicks in and it's when the priests have to work together to fight the evil.
I liked Anthony Chan as the Taoist Priest in the first Mr Vampire, he was a tiny bit goofy and yet professional when it came to defend himself against vampires. We do see some of that professional vibe from him in this film again, especially in the beginning of the film when he encounters a fox spirit - that's probably my favorite bit of this film. But then there was also a lot of fighting between him and the Buddhist Priest that didn't have to be as long as it was. Im sure they could've made a tense and exciting film out of the second half of this film, about two Priests vs a very powerful vampire.
There are some scary bits in this film, the "Master Vampire" looks really scary and brings back memories to the final boss in the first Mr Vampire, but then there's also the corrupted sidekicks that our heroes fight before the final boss - their appearances is much more comedic and silly and makes it hard to take this film serious at all. And then there's also the recurring "Aye ya!" which is the cantonese way of Ouch, I presume. They say it throughout the whole film and it gets rather boring after what feels like the 100th time of another "Aye ya!".
For those that loved the first film, I'm sad to say that the rest of the Mr Vampire films isn't even close to that one. You might get some enjoyment out of this one, but I can't see myself watch this film again. Check clips on youtube of this film and seek out the better HK comedy/horrors out there instead that's worth watching. That's my recommendation.