In October, new residential mortgage loans (RMLs) approved by local banks dropped by 65.2 percent from the previous month to MOP3.4 billion, according to data released by the Monetary Authority of Macao.
New RMLs to residents, accounting for 98.7 percent of the total, decreased by 60.1 percent to MOP3.3 billion, while the non-resident component dropped to MOP43.2 million.
The monthly average of new RMLs approved between August and October 2018 was MOP6.8 billion, down by 8.4 percent from the previous period of July to September 2018.
New RMLs collateralised by incomplete units (equitable mortgage) rose by 98.8 percent from a relatively low base in the previous month to MOP341.7 million, of which the equitable mortgage extended to residents accounted for 99.1 percent of the total. On an annual basis, new equitable mortgage approved increased by 81.8 percent.
Meanwhile, new commercial real estate loans (CRELs) dropped by 4.8 percent month to month to MOP3.2 billion.
Within this total, new CRELs to residents, which constituted 94.2 percent of the total, decreased by 10.1 percent to MOP3 billion whereas those to non-residents rose to MOP184.7 million. The monthly average of new CRELs approved between August and October 2018 was MOP5.4 billion, down by 5.3 percent when compared with the previous period of July to September 2018.
As at end-October 2018, the outstanding value of RMLs was MOP212 billion. The resident component made up 92.6 percent of the total.
The outstanding value of CRELs was MOP186.6 billion, and residents accounted for 93.3 percent of the loans.
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