According to statistics released today by the Monetary Authority of Macao, new approvals of both residential mortgage loans (RMLs) and commercial real estate loans (CRELs) grew in January 2013. With regard to outstanding balance, RMLs and CRELs also witnessed increases.

New Lending Approved

In January 2013, new RMLs approved by Macao banks rose 13.7% month-to-month to MOP3.0 billion; of which, 96.8% was extended to residents. In terms of value, new RMLs to residents increased 21.3% whereas the amount to non-residents dropped 60.9% compared with a month earlier. When compared with the same period of 2012, new approvals of RMLs witnessed marked growth of 123.4%.

New RMLs collateralised by uncompleted units (i.e. equitable mortgage) rebounded 28.7% month-to-month to MOP0.1 billion. The equitable mortgage extended to residents, which accounted for 92.6% of the total, grew 31.4% while the amount to non-residents went up 2.4%. When compared with the same period of 2012, this type of bank mortgage expanded significantly by 384.6%

New CRELs rose 61.6% month-to-month to MOP3.8 billion; of which, 83.8% was granted to residents. In terms of value, new CRELs to residents and non-residents increased 41.4% and 516.5% respectively. On an annual basis, new approvals of CRELs expanded significantly by 309.2%.

Outstanding Balances

As at end-January 2013, the outstanding value of RMLs reached MOP98.1 billion, an increase of 1.5% from one month earlier or 28.3% from a year ago. The resident component made up 93.0% of the total. Compared to end-2012, outstanding RMLs to residents and non-residents grew 1.6% and 0.8% respectively.

Concurrently, the outstanding value of CRELs went up by 2.5% from end-December 2012 or 14.2% from end-January 2012 to MOP70.6 billion. Residents accounted for 91.1% of the loans. Compared with one month earlier, outstanding CRELs to residents and non-residents grew 2.7% and 0.4% respectively.

Delinquency Ratios

At the end of January 2013, the delinquency ratio for RMLs stood at 0.06%, up 0.01 percentage point from one month earlier but stayed flat from a year ago. The ratio for CRELs went down 0.01 percentage point from end-December 2012 but up 0.06 percentage points from end-January 2012 to 0.16%.