According to statistics released today by the Monetary Authority of Macao, new approvals of residential mortgage loans (RMLs) dropped in October 2013 whereas those of commercial real estate loans (CRELs) grew. With regard to outstanding balance, RMLs and CRELs both witnessed increases.
New Lending Approved
In October 2013, new RMLs approved by Macao banks dropped 30.3% month-to-month to MOP3.2 billion; of which, 99.1% was extended to residents. In terms of value, new RMLs to residents and non-residents contracted 25.8% and 90.9% respectively. When compared with the same period of 2012, new approvals of RMLs witnessed decrease of 24.5%.
New RMLs collateralised by uncompleted units (i.e. equitable mortgage) decreased by 28.6% month-to-month to MOP55.7 million. When compared with the same period of 2012, this type of bank mortgage dropped 31.4%.
New CRELs expanded 59.1% month-to-month to MOP5.4 billion; of which, 98.0% was granted to residents. In terms of value, new CRELs to residents increased 62.4% whereas the loans to non-residents declined 21.8%. On an annual basis, new approvals of CRELs grew 5.0%.
Outstanding Balances
As at end-October 2013, the outstanding value of RMLs reached MOP114.9 billion, an increase of 1.6% from one month earlier or 22.3% from a year ago. The resident component made up 94.6% of the total. Compared to end-September 2013, outstanding RMLs to residents and non-residents grew 1.6% and 1.2% respectively.
Concurrently, the outstanding value of CRELs increased 1.8% from end-September 2013 and was up 24.1% from end-October 2012 to MOP82.7 billion. Residents accounted for 92.7% of the loans. Compared with one month earlier, outstanding CRELs to residents grew 2.2% whereas those to non-residents dropped 3.1%.
Delinquency Ratios
At the end of October 2013, the delinquency ratio for RMLs stood at 0.05%, 0.01 percentage point up from one month earlier and also from a year ago. The ratio for CRELs dropped slightly from end-September 2013 and 0.10 percentage point from end-October 2012 to 0.04%.
