According to statistics released today by the Monetary Authority of Macao, new approvals of residential mortgage loans (RMLs) and commercial real estate loans (CRELs) grew in May 2013. With regard to outstanding balance, RMLs and CRELs both witnessed increases.
New Lending Approved
In May 2013, new RMLs approved by Macao banks rose 27.2% month-to-month to MOP4.1 billion; of which, 97.2% was extended to residents. In terms of value, new RMLs to residents and non-residents increased 26.9% and 38.2% respectively. When compared with the same period of 2012, new approvals of RMLs witnessed growth of 3.8%.
New RMLs collateralised by uncompleted units (i.e. equitable mortgage) grew significantly by 189.6% month-to-month to MOP380.6 million. The equitable mortgage extended to residents, which accounted for 98.2% of the total, increased 185.9% while the amount to non-residents went up notably by 913.9%. When compared with the same period of 2012, this type of bank mortgage expanded by 146.4%
New CRELs rose 31.6% month-to-month to MOP2.6 billion; of which, 99.3% was granted to residents. In terms of value, new CRELs to residents increased 35.5% whereas the amount to non-residents declined 75.2%. On an annual basis, new approvals of CRELs rose 33.2%.
Outstanding Balances
As at end-May 2013, the outstanding value of RMLs reached MOP104.5 billion, an increase of 2.2% from one month earlier or 29.0% from a year ago. The resident component made up 93.7% of the total. Compared to end-April 2013, outstanding RMLs to residents grew 2.5% whereas the amount to non-residents dropped 1.2%.
Concurrently, the outstanding value of CRELs went up by 2.1% from end-April 2013 or 20.4% from end-May 2012 to MOP76.9 billion. Residents accounted for 91.9% of the loans. Compared with one month earlier, outstanding CRELs to residents grew 2.5% whereas the amount to non-residents went down by 1.2%.
Delinquency Ratios
At the end of May 2013, the delinquency ratio for RMLs stood at 0.05%, which was largely unchanged from one month earlier but down 0.01 percentage point from a year ago. The ratio for CRELs went down by 0.01 percentage point from end-April 2013 and end-May 2012 to 0.08%.
