Property | Non-resident loans soar

New approvals of residential mortgage loans (RMLs) increased in November 2016, while those of commercial real estate loans (CRELs) decreased during the month, according to data released by the Monetary Authority of Macau. Both RMLs and CRELs saw a slight increase in outstanding balance.

In November 2016, new RMLs approved by banks in Macau increased by 57.1 percent month-to-month to MOP4.5 billion. Of these new RMLs, those granted to residents accounted for 78.2 percent of the total and increased by 25.5 percent to MOP3.5 billion. Loans granted to non-residents surged by more than 1,500 percent to MOP983 million, the increase being mainly attributed to larger approved loans. 

New CRELs shrank 67.1 percent month-to-month to MOP2 billion, of which new CRELs to residents, accounting for 97.7 percent of the total, decreased by 67.9 percent. In contrast, new CRELs to non-residents soared more than 1,450 percent from the previous month to MOP47.4 million.

When compared with the same period in 2015, new approvals of RMLs increased by 84.9 percent in November, while new approvals of CRELs declined by 51.1 percent year-on-year.

As at end-November 2016, the outstanding value of RMLs was MOP179.6 billion, up 0.6 percent from the previous month or 5.3 percent from a year ago. Meanwhile, the outstanding value of CRELs was MOP173.1 billion, up by 0.9 percent month-to-month or 6.4 percent compared to a year ago.