According to statistics released today by the Monetary Authority of Macao, new approvals of residential mortgage loans (RMLs) decreased whereas those of commercial real estate loans (CRELs) increased in January 2016. With regard to outstanding balance, RMLs and CRELs both witnessed increases. New lending approved In January 2016, new RMLs approved by Macao banks decreased 35.8% month-to-month to MOP3.2 billion; of which, 95.1% was extended to residents. In terms of value, new RMLs to residents and non-residents decreased 35.3% and 44.0% respectively. When compared with the same period of 2015, new approvals of RMLs fell by 16.2%. New RMLs collateralised by uncompleted units (i.e. equitable mortgage) increased by 32.5% month-to-month to MOP0.8 billion. The equitable mortgage extended to residents, which accounted for 94.4% of the total, rose by 38.1%. When compared with the same period of 2015, new RMLs collateralised by uncompleted units increased by 141.9%. New CRELs grew by 1.3% month-to-month to MOP5.3 billion; of which, 99.7% was granted to residents. In terms of value, new CRELs to residents rose 8.4% while those to non-residents decreased 96.2%. On an annual basis, new approvals of CRELs rose by 10.4%. Outstanding balances As at end-January 2016, the outstanding value of RMLs reached MOP174.0 billion, an increase of 0.4% from one month earlier or 12.7% from a year ago. The resident component made up 93.8% of the total. Compared to end-December 2015, outstanding RMLs to residents and non-residents rose 0.1% and 5.8% respectively. Concurrently, the outstanding value of CRELs increased by 0.9% from end-December 2015 and was up 30.1% from end-January 2015 to MOP164.5 billion. Residents accounted for 88.7% of the loans. Compared with one month earlier, outstanding CRELs to residents grew 1.5% whereas those to non-residents dropped 3.8%. Delinquency ratios At the end of January 2016, the delinquency ratio for RMLs was 0.08%, down 0.01 percentage point from a month ago or up 0.01 percentage point from end-January 2015. The ratio for CRELs remained virtually unchanged from a month ago at 0.02% or down 0.04 percentage points from a year ago.