According to statistics released today by the Monetary Authority of Macao, new approvals of residential mortgage loans (RMLs) grew in September 2013 whereas those of commercial real estate loans (CRELs) dropped. With regard to outstanding balance, RMLs and CRELs both witnessed increases.
New Lending Approved
In September 2013, new RMLs approved by Macao banks grew 38.0% month-to-month to MOP4.6 billion; of which, 93.1% was extended to residents. In terms of value, new RMLs to residents and non-residents expanded 29.6% and 1,010.1% respectively. When compared with the same period of 2012, new approvals of RMLs witnessed decrease of 1.5%.
New RMLs collateralised by uncompleted units (i.e. equitable mortgage) rose significantly by 76.4% month-to-month to MOP77.9 million. When compared with the same period of 2012, this type of bank mortgage increased 10.4%
New CRELs dropped 17.8% month-to-month to MOP3.4 billion; of which, 96.0% was granted to residents. In terms of value, new CRELs to residents decreased 19.7% whereas the amount to non-residents expanded 86.8%. On an annual basis, new approvals of CRELs grew 7.6%.
Outstanding Balances
As at end-September 2013, the outstanding value of RMLs reached MOP113.1 billion, an increase of 2.5% from one month earlier or 23.6% from a year ago. The resident component made up 94.6% of the total. Compared to end-August 2013, outstanding RMLs to residents grew 2.7% whereas the amount to non-residents dropped 0.9%.
Concurrently, the outstanding value of CRELs increased 1.8% from end-August 2013 and was up 22.0% from end-September 2012 to MOP81.2 billion. Residents accounted for 92.3% of the loans. Compared with one month earlier, outstanding CRELs to residents and non-residents grew 1.9% and 0.9% respectively.
Delinquency Ratios
At the end of September 2013, the delinquency ratio for RMLs stood at 0.04%, which decreased 0.01 percentage point from one month earlier and from a year ago. The ratio for CRELs went down 0.03 percentage points from end-August 2013 and 0.04 percentage points from end-September 2012 to 0.04%.
