Mortgage lending falls in Nov

According to statistics released yesterday by the Monetary Authority of Macau, new approvals of residential mortgage loans (RMLs) and those of commercial real estate loans (CRELs) decreased simultaneously in November 2014.
With regard to outstanding balance, RMLs and CRELs both witnessed increases. In November 2014, new RMLs approved by local banks decreased 26.9 pct month-to-month to MOP3.4 billion; of which, 97.6 pct was extended to residents. In terms of value, new RMLs to residents and those to non-residents decreased 26.6 pct and 38.2 pct respectively. When compared with the same period of 2013, new approvals of RMLs witnessed an increase of 14.2 pct.
New CRELs decreased by 5.7 pct month-to-month to MOP3.6 billion; of which, 95.2 pct was granted to residents. In terms of value, new CRELs to residents and non-­residents decreased 4.8 pct and 20.4 pct respectively.
On an annual basis, new approvals of CRELs increased by 12.9 pct.
As at end-November 2014, the outstanding value of RMLs reached MOP150.9 billion, an increase of 1.1 pct from one month earlier or 29.3 pct from a year ago. The resident component made up 94.1 pct  of the total.