According to statistics released today by the Monetary Authority of Macao, on a quarterly basis, new mortgage lending approved increased notably in the third quarter while the outstanding balance of residential mortgage loans (RMLs) rose at a faster pace than commercial real estate loans (CRELs).

New Lending Approved

For the third quarter of 2009, new RMLs approved by Macao banks increased notably by 58.0% quarter-to-quarter to MOP6.2 billion. Of which, 81.5% was extended to residents. In terms of approved value, new RMLs to residents and non-residents grew at respective rates of 53.2% and 83.4%.

Meanwhile, new CRELs approved increased by 35.1% to MOP3.4 billion. Of which, 98.1% was granted to residents. In terms of approved value, new CRELs to residents rose 44.7%, while those to non-residents fell 69.3%.

Outstanding Balances

As at end-September 2009, the outstanding value of RMLs reached MOP40.7 billion, an increase of 10.8% compared with the previous quarter. 86.7% of the loans was extended to residents. RMLs to residents and non-residents grew at respective rates of 9.0% and 23.6% during the third quarter of 2009.

Concurrently, the outstanding value of CRELs rose 2.9% to MOP36.5 billion. Residents accounted for 86.3% of the loans. During the third quarter of 2009, CRELs to residents and to non-residents both grew by 2.9%.

Delinquency Ratios

At the end of September 2009, the delinquency ratio for RMLs stayed at 0.23%, while the ratio for CRELs fell 0.18 percentage points to 0.33%.