Approved mortgage loans plunge 40% in February

New residential mortgage loans (RMLs) approved by local banks fell by 42.5% month-on-month to MOP686.29 million in February, according to data from the Monetary Authority of Macao. Of these, new RMLs to residents, representing 97.0% of the total, decreased by 43.0% to MOP665.97 million; the non-resident component dropped by 23.6% to MOP20.33 million. New and commercial real estate loans (CRELs) decreased by 33.4% month-on-month to MOP946.14 million. Within this total, new CRELs to residents, which occupied 99.3% of the total, fell by 31.4% to MOP939.96 million.