According to statistics released today by the Monetary Authority of Macao, new approvals of residential mortgage loans (RMLs) and commercial real estate loans (CRELs) declined in April 2015. With regard to outstanding balance, RMLs and CRELs both witnessed increases. New lending approved In April 2015, new RMLs approved by Macao banks decreased 11.7% month-to-month to MOP4.4 billion; of which, 94.6% was extended to residents. In terms of value, new RMLs to residents and non-residents decreased 10.7% and 25.1% respectively. When compared with the same period of 2014, new approvals of RMLs witnessed an increase of 24.5%. New RMLs collateralised by uncompleted units (i.e. equitable mortgage) decreased by 7.7% month-to-month to MOP1.6 billion. The equitable mortgage extended to residents, which accounted for 90.7% of the total, decreased 7.2%. When compared with the same period of 2014, new RMLs collateralised by uncompleted units increased by 329.3%. New CRELs dropped by 5.3% month-to-month to MOP9.2 billion; of which, 84.9% was granted to residents. In terms of value, new CRELs to residents decreased 17.7% whereas non-residents increased 517.1%. On an annual basis, new approvals of CRELs rose by 32.7%. Outstanding balances As at end-April 2015, the outstanding value of RMLs reached MOP162.2 billion, an increase of 2.0% from one month earlier or 27.9% from a year ago. The resident component made up 94.1% of the total. Compared to end-March 2015, outstanding RMLs to residents and non-residents rose 2.0% and 1.9% respectively. Concurrently, the outstanding value of CRELs increased 3.7% from end-March 2015 and was up 37.5% from end-April 2014 to MOP137.2 billion. Residents accounted for 89.1% of the loans. Compared with one month earlier, outstanding CRELs to residents and non-residents grew 2.2% and 18.7% respectively. Delinquency ratios At the end of April 2015, the delinquency ratio for RMLs remained virtually unchanged from a month ago at 0.07% or up 0.01 percentage point from a year ago. The ratio for CRELs, at 0.05%, fell by 0.01 percentage point from a month ago or 0.02 percentage points from end-April 2014.