According to statistics released today by the Monetary Authority of Macao, new approvals of both residential mortgage loans (RMLs) and commercial real estate loans (CRELs) continued to decline in November 2015. With regard to outstanding balance, RMLs and CRELs both witnessed increases. New lending approved In November 2015, new RMLs approved by Macao banks decreased 1.2% month-to-month to MOP2.4 billion; of which, 97.2% was extended to residents. In terms of value, new RMLs to residents decreased by 2.4% whereas those to non-residents increased by 78.9%. When compared with the same period of 2014, new approvals of RMLs fell by 28.1%. New RMLs collateralised by uncompleted units (i.e. equitable mortgage) increased by 27.0% month-to-month to MOP0.4 billion. The equitable mortgage extended to residents, which accounted for 89.9% of the total, rose by 19.6%. When compared with the same period of 2014, new RMLs collateralised by uncompleted units decreased 2.2%. New CRELs dropped by 54.7% month-to-month to MOP4.2 billion; of which, 99.5% was granted to residents. In terms of value, new CRELs to residents and non-residents decreased by 52.4% and 95.5% respectively. On an annual basis, new approvals of CRELs rose by 14.9%. Outstanding balances As at end-November 2015, the outstanding value of RMLs reached MOP170.6 billion, an increase of 0.2% from one month earlier or 13.0% from a year ago. The resident component made up 94.1% of the total. Compared to end-October 2015, outstanding RMLs to residents rose 0.2% while those to non-residents dropped by 0.3%. Concurrently, the outstanding value of CRELs increased by 1.8% from end-October 2015 and was up 37.9% from end-November 2014 to MOP162.7 billion. Residents accounted for 88.3% of the loans. Compared with one month earlier, outstanding CRELs to residents and non-residents grew by 1.5% and 3.8% respectively. Delinquency ratios At the end of November 2015, the delinquency ratio for RMLs reached 0.09%, up 0.01 percentage point from a month ago or 0.02 percentage points from a year ago. The ratio for CRELs was 0.07%, up 0.06 percentage points from a month ago or 0.01 percentage point from end-November 2014.
