Local banks granted a total of MOP3.6 billion (US$451.8 million) in residential mortgage loans in September, down 35.3 per cent from August, or a drop of 20.6 per cent compared to the same month last year, the latest data released by the Monetary Authority of Macau (AMCM) reveals. According to AMCM, 96.7 per cent of the approved residential mortgage loans of the month went to local residents, in the amount of MOP3.5 billion. The number represents a month-on-month fall of 2.6 per cent, as well as a year-on-year plunge of 20.4 per cent. In addition, local banks’ approvals of residential loans to non-residents dived 94.1 per cent month-on-month, sharply decreasing to only some MOP118 million from nearly MOP2 billion in August. On a year-on-year comparison, home loans to non-residents dropped 27.5 per cent. Meanwhile, new approvals of equitable mortgage – which is home loans collateralised by uncompleted units – also registered a month-on-month decrease of 12.1 per cent, or a year-on-year decline of 13.8 per cent, at MOP1.02 billion. Some 91.4 per cent of equitable mortgage was granted to local residents, amounting to MOP937 million compared to MOP1.08 billion in August. However, the value these non-residents received from banks increased 9.2 per cent month-on-month, or 14.1 per cent year-on-year, totalling MOP88.5 million. Commercial real estate loans On the other hand, new approvals of commercial real estate loans jumped 7.8 per cent month-on-month to MOP10.5 billion in September, a year-on-year lift of 116.9 per cent. Nearly all such loans were given to local residents, accounting for 99.5 per cent of the total. In terms of value, commercial property loans to residents totalled MOP153.8 billion in the month, a month-on-month growth of 2.3 per cent, or an increase of 33 per cent year-on-year. By contrast, those to non-residents plunged 70 per cent from one year ago, amounting to MOP17.8 billion. As at the end of September, the outstanding value of residential mortgage loans reached MOP170.2 billon, an increase of 0.7 per cent month-on-month or 15.8 per cent year-on-year, with residents making up 94.1 per cent of the total. In addition, commercial real estate loans registered a month-on-month increase of 2.3 per cent, or 33 per cent increase from one year ago, amounting to MOP153.8 billion. According to AMCM, residents accounted for 88.4 per cent of the loans. At the end of September, the delinquency ratio for residential mortgages was 0.08, down 0.01 percentage points from a month ago, and up 0.01 percentage points from end-September 2014. Meanwhile, the delinquency ratio for commercial property loans went down 0.03 percentage points month-on-month, or 0.07 percentage points year-on-year, standing at 0.01.
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