According to statistics released today by the Monetary Authority of Macao, new approvals of residential mortgage loans (RMLs) rose while those of commercial real estate loans (CRELs) decreased in November 2018. With regard to the outstanding balance, both RMLs and CRELs witnessed monthly increases.
New lending approved
In November 2018, new RMLs approved by Macao banks increased by 6.6% month-to-month to MOP3.6 billion. Of which, new RMLs to residents, accounting for 99.0% of the total, rose by 6.9% to MOP3.6 billion. On the other hand, the non-resident component dropped by 12.7% to MOP37.7 million. The monthly average of new RMLs approved between September and November 2018 was MOP5.5 billion, down by 18.4% from the previous period (August to October 2018).
New RMLs collateralised by uncompleted units (i.e. equitable mortgage) rose by 41.5% month-to- month to MOP483.6 million; of which, the equitable mortgage extended to residents accounted for 97.4% of the total. On an annual basis, new equitable mortgage approved increased by 47.3%.
New CRELs dropped by 11.6% month-to-month to MOP2.8 billion. Within this total, new CRELs to residents, which occupied 94.1% of the total, decreased by 11.7% to MOP2.7 billion while those to non-residents also dropped by 9.3% to MOP167.6 million. The monthly average of new CRELs approved between September and November 2018 was MOP3.1 billion, down by 42.7% when compared with the previous period (August to October 2018).
Outstanding balances
As at end-November 2018, the outstanding value of RMLs was MOP212.3 billion, up by 0.2% from a month earlier or 12.3% from a year ago. The resident component made up 92.7% of the total. When compared with the previous month, outstanding RMLs to residents rose by 0.2% whereas those to non-residents decreased by 0.3%.
The outstanding value of CRELs was MOP192.4 billion, up by 1.6% month-to-month or 7.7% from a year earlier. Residents accounted for 93.5% of the loans. Compared with a month earlier, outstanding CRELs to residents increased by 1.8% while the non-resident component fell by 0.1%.
Delinquency ratios
At the end of November 2018, the delinquency ratio for RMLs was 0.15%, down by 0.01 percentage point from the preceding month or 0.04 percentage points over a year earlier. The ratio for CRELs was 0.15%, unchanged from a month ago but up by 0.01 percentage point from end-November 2017.