Briefs | Money supply rebounded in April

The broad money supply rebounded in April, according to the latest data released by the Monetary Authority of Macau, with the share denominated in patacas holding stable. Currency in circulation and demand deposits dropped 1.4 percent and 0.2 percent respectively, according to the Authority. Quasi-monetary liabilities rose 1.3 percent. Resident deposits rose 1.1 percent from the preceding month to MOP594.8 billion whereas non-resident deposits dropped 4.2 percent to MOP234.9 billion.  Public sector deposits with the banking sector increased 0.5 percent to MOP197 billion. The shares denominated in MOP, HKD, RMB and USD in total deposits were 20.4 percent, 52.1 percent, 4.2 percent and 19.7 percent respectively. At end-April, the loan-to-deposit ratio for the resident sector rose from 59.2 percent at end-March to 59.6 percent. Concurrently, the non-performing loan ratio remained virtually stable at 0.2 percent.

BOC launches online parking payment service

The Bank of China Macau branch has signed a cooperation agreement with Union Pay and the region’s parking lot management company to launch an online parking payment service. This service combines the parking lot plate recognition technology with the bankcard quick payment technology. When a car owner leaves a public parking lot where this service is available, they can automatically debit the card for the parking fees without the need for cash payment. This service is expected to be available by the end of this month.

SAR residents complain about investment in Zhuhai

More than 500 residents from the two SARs have blamed Zhuhai’s Yale Mansion for cheating them out of their money. According to reports by Hong Kong press, these residents purchased stores within Yale Man’s Yangming Plaza in Zhuhai.  Yale Mansion promised to pay rent of RMB 200 million per month in total to all buyers. However, starting from May 2018, Yale Mansion stopped paying back the rent, claiming that the company had been taken over by another company, which refused to issue the rent, having given the property owners several excuses as to why the payments had not been forthcoming.