Residential mortgage loans slow, commercial on the rise

According to statistics released yesterday by the Monetary Authority of Macau, the number of new approvals of residential mortgage loans (RMLs) declined, while those of commercial real estate loans (CRELs) experienced an increase in September. For September 2015, the number of new RMLs approved by banks in Macau fell by 35.3 percent month-on-month to MOP 3.6 billion, of which 96.7 percent was extended to residents. When compared with the same period last year, new approvals of RMLs have fallen by 20.6 percent. Meanwhile, new CRELs increased by 7.8 percent month-on-month, bringing the total value to MOP 10.5 billion, of which 99.5 percent was granted to residents. However, in a year-on-year comparison, new approvals of CRELs are up by 116.9 percent. In terms of outstanding balances, RMLs reached MOP 170.2 billion in September, up by 15.9 percent from one year earlier, while CRELs were up by 33 percent over the same period, to MOP 153.8 billion.

Pedro Cardoso heads European Chamber of Commerce

The Macau European Chamber of Commerce announced the election of the board’s new president and vice-president at an Extraordinary General Council Meeting. Pedro Cardoso, the chief executive officer of Banco Nacional Ultramarino, replaces Franklin Willemyns, who is retiring after leading the Chamber from 2013 to 2015. Kevin Thompson, college master of Moon Chun Memorial College, was elected as the new vice president. Tony Un, Filipe Cunha Santos and Andrew Evans have secured their existing posts as executive vice-president, secretary and treasurer respectively. Niall Murray and Lino Ho will both remain as vice-presidents.

Police bust pyramid scheme targeting locals

The Public Security Police Force has busted a ring that had allegedly enrolled 100 people into a pyramid scheme. The mastermind, among the eight women aged between 40 and 64 who were arrested, has been making illegal profits from the sale of skincare and nutrition products and enlisting members into the group. All of the suspects are local residents, excluding one Hong Konger. The group was said to specifically lure locals by promising attractive bonuses, dividends and discounts. The police believe that more people could be involved in the business model, which has made at least RMB1 million for the ring.

UM hosts 13th Portuguese Speech Contest

The University of Macau (UM) Faculty of Arts and Humanities recently held the 13th Portuguese Speech Contest, an annual event organized by the UM’s Department of Portuguese. Several higher education institutions in Macau sent four of their best Portuguese-speaking students to the competition. Finalists were required to make speeches relating to the quote “What is essential is invisible to the eyes,” taken from the classic French novel, “The Little Prince.” Cristiano Xie Mingzhi, from the Macau University of Science and Technology won this year’s championship, with Lee Li Ruiping, Nuno Chan Chi Keong and Celia Lam Lai San coming as runners-up. The contest aims to provide a platform for local college students to showcase their skills in the language, as well as to encourage other students to take an interest in learning Portuguese.