According to statistics released today by the Monetary Authority of Macao, new approvals of residential mortgage loans (RMLs) and commercial real estate loans (CRELs) both rose in January 2019. With regard to the outstanding balance, RMLs witnessed a monthly increase whereas CRELs decreased from a month earlier.
New lending approved
In January 2019, new RMLs approved by Macao banks increased by 20.2% month-to-month to MOP4.4 billion. Of which, new RMLs to residents, accounting for 98.0% of the total, rose by 21.4% to MOP4.3 billion. On the other hand, the non-resident component decreased by 20.0% to MOP88.4 million. The monthly average of new RMLs approved between November 2018 and January 2019 was MOP3.9 billion, up by 9.8% from the previous period (October to December 2018).
New RMLs collateralised by uncompleted units (i.e. equitable mortgage) rose by 10.8% month-to- month to MOP1.3 billion; of which, the equitable mortgage extended to residents accounted for 97.1% of the total.
New CRELs rose 3.8% month-to-month to MOP5.8 billion. Within this total, new CRELs to residents, which occupied 99.7% of the total, increased by 4.5% to MOP5.7 billion. On the other hand, new CRELs to non-residents dropped by 67.0% to MOP17.0 million. The monthly average of new CRELs approved between November 2018 and January 2019 was MOP4.7 billion, up by 22.2% while compared with the previous period (October to December 2018).
Outstanding balances
As at end-January 2019, the outstanding value of RMLs was MOP217.9 billion, up by 1.0% from a month earlier or 14.9% from a year ago. The resident component made up 92.8% of the total. When compared with the previous month, outstanding RMLs to residents rose by 1.1% whereas those to non-residents fell by 0.1%.
The outstanding value of CRELs was MOP196.3 billion, down by 1.0% month-to-month but up by 7.1% from a year earlier. Residents accounted for 93.4% of the loans. Compared with a month earlier, outstanding CRELs to residents and non-residents dropped by 1.0% and 0.3% respectively.
Delinquency ratios
At the end of January 2019, the delinquency ratio for RMLs was 0.16%, down by 0.01 percentage point from the preceding month or 0.04 percentage points over a year earlier. The ratio for CRELs stayed at 0.16% from a month ago or edged up by 0.01 percentage point from end-January 2018.