According to statistics released today by the Monetary Authority of Macao, on an annual basis, new mortgage lending approved increased notably in the fourth quarter. The outstanding balance of residential mortgage loans (RMLs) rose at a faster pace than commercial real estate loans (CRELs), while their delinquency ratios continued to decline. New Lending Approved For the fourth quarter of 2009, new RMLs approved by Macao banks increased by 6.2% quarter-to-quarter to MOP6.6 billion. Of which, 85.5% was extended to residents. In terms of approved value, new RMLs to residents grew 11.5% whereas those to non-residents fell 17.0%. When compared with the same period last year, new approvals of RMLs surged 297.5%. Meanwhile, new CRELs approved increased considerably by 88.0% from the previous quarter to MOP6.3 billion. Of which, 91.5% was granted to residents. In terms of approved value, new CRELs to residents and non-residents grew at respective rates of 75.4% and 728.8%. On an annual basis, new approvals of CRELs surged 387.2%. Outstanding Balances As at end-December 2009, the outstanding value of RMLs reached MOP44.2 billion, an increase of 8.5% from three months earlier or 28.7% from a year ago. The resident component made up 86.2% of the total. Outstanding RMLs to residents and non-residents grew at respective rates of 7.9% and 12.7% during the fourth quarter of 2009. Concurrently, the outstanding value of CRELs rose 1.1% from end-September 2009 or 8.3% from end-2008 to MOP37.0 billion. Residents accounted for 86.4% of the loans. Outstanding CRELs to residents and to non-residents rose 1.2% and 0.5% respectively in the last quarter of 2009. Delinquency Ratios At the end of 2009, the delinquency ratio for RMLs stood at 0.19%, down 0.04 percentage points from three months earlier or 0.01 percentage point from a year ago. The ratio for CRELs also fell 0.10 percentage point from end-September 2009 or 0.33 percentage points from end-2008 to 0.23%.
