New approvals of residential mortgage loans (RMLs) and commercial real estate loans (CRELs) both rose from a month earlier in November, according to data released yesterday by the Monetary Authority of Macao. With regards to the outstanding balance, both RMLs and CRELs witnessed monthly increases.
In November, new RMLs approved by Macau banks rose by 44.9 percent month-to-month to MOP4.1 billion, of which new RMLs to residents, accounting for more than 99 percent of the total, increased by 48.1 percent to MOP4 billion. This increase was driven mainly by the approval of enterprise loans with residential property as collateral. In contrast, the non-resident component dropped 58.8 percent to MOP34.7 million.
Meanwhile, new CRELs rose by 44.1 percent month-to-month to MOP6.6 billion, of which new CRELs to residents, accounting for 96.9 percent of the total, increased by 43.5 percent to MOP6.4 billion. New CRELs to non- residents grew by 63.6 percent to MOP202.2 million.
When compared with the same month in 2016, new approvals of RMLs fell by 9.8 percent, while new approvals of CRELs surged more than 220 percent because of a lower comparison base, according to the Monetary Authority.
As of the end of November, the outstanding value of RMLs was MOP189.2 billion, up 0.3 percent from a month earlier or 5.3 percent from a year ago. The resident component made up 93.5 percent of the total.
The outstanding value of CRELs was MOP178.6 billion, up by 1.4 percent month-to-month or 3.2 percent year-on-year. Residents accounted for slightly over 90 percent of the loans.