The Monetary Authority of Macao released today, for the first time, the results of its mortgage loans survey. New Lending Approved For the first quarter of 2009, new residential mortgage loans (RMLs) approved by Macao banks increased by 36.0% quarter-to-quarter to MOP2.3 billion. Of which, 87.4% was extended to residents. In terms of approved value, new RMLs to residents and non-residents grew at respective rates of 28.6% and 125.4%. Meanwhile, new commercial real estate loans (CRELs) approved increased notably by 54.7% to MOP2.0 billion. Of which, 75.6% was granted to residents. In terms of approved value, new CRELs to residents surged 134.4%, while those to non-residents fell 24.6%. Outstanding Balances As at end-March 2009, the outstanding value of RMLs reached MOP34.9 billion, an increase of 1.7% compared with the end of 2008. 88.5% of the loans was extended to residents. RMLs to residents and non-residents grew at respective rates of 1.9% and 0.4% during the first quarter of 2009. Concurrently, the outstanding value of CRELs rose by 3.1% to MOP35.2 billion. Residents accounted for 85.3% of the loans. During the first three months of 2009, CRELs to residents grew 3.1% while those to non-residents increased by 3.5%. Delinquency Ratios At the end of March 2009, the delinquency ratio for RMLs was 0.24%, up slightly by 0.04 percentage points during the previous three months, whereas that for CRELs slid 0.01 percentage point to 0.55%. Mortgage lending is a major business of Macao banks. It also serves as an indicator of local property-market conditions. Starting this year, the Monetary Authority of Macao conducts a comprehensive survey of mortgage loans and disseminates the results on a quarterly basis.
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