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 January 2014. With regard to outstanding balance, RMLs and CRELs both witnessed increases.
New Lending Approved
In January 2014, new RMLs approved by Macao banks grew 45.2% month-to-month to MOP4.4 billion; of which, 97.9% was extended to residents. In terms of value, new RMLs to residents and non-residents increased 43.5% and 241.0% respectively. When compared with the same period of 2013, new approvals of RMLs witnessed increase of 46.2%.
New RMLs collateralised by uncompleted units (i.e. equitable mortgage) increased notably by 213.1% month-to-month to MOP444.0 million. The equitable mortgage extended to residents, which accounted for 97.3% of the total, surged 204.6%. When compared with the same period of 2013, this type of bank mortgage expanded 284.4%.
New CRELs rose significantly by 138.6% month-to-month to MOP5.5 billion; of which, 93.6% was granted to residents. In terms of value, new CRELs to residents and non-residents surged 127.2% and 785.8% respectively. On an annual basis, new approvals of CRELs grew by 46.7%.
Outstanding Balances
As at end-January 2014, the outstanding value of RMLs reached MOP121.1 billion, an increase of 2.4% from one month earlier or 23.3% from a year ago. The resident component made up 95.0% of the total. Compared to end-2013, outstanding RMLs to residents grew 2.6% whereas those to non-residents slid 1.6%.
Concurrently, the outstanding value of CRELs increased 3.6% from end-2013 and was up 25.1% from end-January 2013 to MOP88.4 billion. Residents accounted for 93.0% of the loans. Compared with one month earlier, outstanding CRELs to residents and non-residents grew 3.4% and 6.1% respectively.
Delinquency Ratios
At the end of January 2014, the delinquency ratio for RMLs edged down 0.01 percentage point from one month earlier and from a year ago to 0.05%. The ratio for CRELs went down slightly from end-2013 or slid 0.13 percentage points from end-January 2013 to 0.03%.
