According to statistics released today by the Monetary Authority of Macao, new approvals of residential mortgage loans (RMLs) increased whereas those of commercial real estate loans (CRELs) decreased in January 2015. With regard to outstanding balance, RMLs and CRELs both witnessed increases.
New lending approved
In January 2015, new RMLs approved by Macao banks increased 2.7% month-to-month to MOP3.8 billion; of which, 96.6% was extended to residents. In terms of value, new RMLs to residents increased 4.2% whereas those to non-residents decreased 27.2%. When compared with the same period of 2014, new approvals of RMLs witnessed a decrease of 12.5%.
New RMLs collateralised by uncompleted units (i.e. equitable mortgage) decreased by 57.3% month-to-month to MOP337 million. When compared with the same period of 2014, new RMLs collateralised by uncompleted units decreased by 24.0%.
New CRELs dropped by 24.0% month-to-month to MOP4.8 billion; of which, 90.3% was granted to residents. In terms of value, new CRELs to residents and non-residents decreased 21.6% and 40.4% respectively. On an annual basis, new approvals of CRELs dropped by 13.1%.
Outstanding balances
As at end-January 2015, the outstanding value of RMLs reached MOP154.4 billion, an increase of 1.0% from one month earlier or 27.6% from a year ago. The resident component made up 94.1% of the total. Compared to end-December 2014, outstanding RMLs to residents and non-residents rose 1.1% and 0.3% respectively.
Concurrently, the outstanding value of CRELs increased 3.6% from end-December 2014 and was up 43.2% from end-January 2014 to MOP126.5 billion. Residents accounted for 90.3% of the loans. Compared with one month earlier, outstanding CRELs to residents and non-residents grew 3.7% and 2.9% respectively.
Delinquency ratios
At the end of January 2015, the delinquency ratio for RMLs remained virtually unchanged from a month ago at 0.07% or increased 0.02 percentage points from a year ago. The ratio for CRELs was also unchanged from a month ago at 0.05%, or up 0.02 percentage points from end-January 2014.
