The city’s banking sector approved some MOP3.5 billion-worth (US$437.5 million) of new residential mortgage loans for the month of January, a decrease of 16 per cent month-on-month, as new approvals of equitable mortgages plunged by nearly half from one month ago.
According to the latest official data of the Monetary Authority of Macau (AMCM), those to residents accounted for 96.7 per cent, amounting to MOP3.4 billion, down 13.1 per cent month-on-month, while those to non-resident plunged 57.5 per cent month-on-month to MOP114.2 million.
The month’s newly approved mortgage loans from local banks represent an increase of 9.2 per cent compared to the first month of 2016.
Meanwhile, newly approved mortgage loans collateralised by uncompleted units posted a decrease of 47.6 per cent from one month ago, amounting to some MOP162.2 million. On a year-on-year comparison, the amount dropped even further by 80.1 per cent.
According to AMCM data, these equitable mortgages approved for residents accounted for 92.5 per cent of the total, at around MOP150.4 million, a decrease of 50.2 per cent month-on-month.
Commercial loans plunge
Meanwhile, newly approved commercial real estate loans from local banks decreased from a month ago in January, down 42.2 per cent month-on-month to MOP2.7 billion.
In particular, those to residents fell 97.3 per cent to MOP9.5 million. AMCM explained the notable decline as due to a higher comparison base in the pervious month.
In addition, new commercial real estate loans to residents registered a significant decline of 37.5 per cent, to MOP2.65 billion.
Compared to the same month of 2016, total new approvals of commercial real estate loans decreased by 49.9 per cent.
As at the end of January, the outstanding value of residential mortgage loans had reached MOP181.6 billion, a slight decrease of 0.2 per cent month-on-month, although an increase of 4.3 per cent compared to one year ago.
Meanwhile, that of commercial real estate loans amounted to MOP169.3 billion, a marginal decline of 0.1 per cent, or a growth of 2.9 per cent year-on-year, of which residents accounted for 90.1 per cent.
On the other hand, the delinquency ratio for residential mortgage loans was 0.18 per cent as at the end of the month, up 0.01 percentage points month-on-month, or 0.1 percentage points year-on-year.
The ratio for commercial loans went up by 0.01 percentage points month-on-month. Compared to one year ago, the ratio grew by 0.12 percentage points.