New mortgage guideline to help develop healthy property market

The Chief Executive, Mr Chui Sai On, said today new mortgage lending guidelines would be announced next week to facilitate the development of a healthy property market. Speaking to reporters after attending the National Day reception at Macau Tower, Mr Chui said he had listened to public opinions from how to speed up procedures of relevant legislation, to establishing new mortgage lending guidelines. Last week the Working Group for Promoting Sustainable Development of Real Estate Market had announced a string of measures to regulate the property market. The Chief Executive also told reporters that the Government was highly concerned with the implementation of the new policies and would closely monitor its introduction and the public’s reaction. Mr Chui also said that the Government was still on track with plans to build 19,000 public housing units in 2012 and to increase the rental subvention for Macao residents who are on the waiting list for these subsidised housing. Following Mr Chui’s disclosure, the President of the Monetary Authority of Macao, Mr Teng Ling Seng, who was at the same reception today, told reporters that caps on mortgages would be introduced. Mortgages for properties valued above 3.3 million patacas would be capped at 70 per cent for Macao residents and non-Macao residents. As for properties valued below 3.3 million patacas, Macao resident would enjoy 90 per cent mortgage and non-residents 70 per cent. These will come into effect on 1 December, but there will be a two-month grace period for applications that were in the pipeline, Mr Teng said.

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