EPA/JEROME FAVRE

Macau | Residential mortgage loans surge in May

Macau (MNA) – New approvals of residential mortgage loans (RMLs) increased 23 per cent in May to MOP4.9 billion (US$606.13 million), whereas commercial real estate loans (CRELs) plummeted 64 per cent to MOP2.9 billion month-to-month, according to statistics released on Thursday by the Monetary Authority of Macao (AMCM).

Of the total new RMLs, loans granted to residents accounted for 98.4 per cent, representing an increase of 23.1 per cent to MOP4.8 billion, while new RMLs to non-residents rose 15.5 per cent to MOP80 million.

The monthly average of new RMLs approved between March and May 2018 was MOP5.0 billion, up 18 per cent from the previous period of February to April.

The average of new approvals in CRELs between March to May decreased 18.4 per cent to MOP5.7 billion when compared to the period spanning February to April.

New RMLs collateralised by uncompleted units (i.e.) equitable mortgage, increased 32.4 per cent from the preceding month to MOP882.9 million.

The equitable mortgage extended to residents, which accounted for 95.9 per cent of the total, increased 29.4 per cent from a month before. On an annual basis, new equitable mortgages approved grew 99.2 per cent.

As at the end of May, unpaid, interest-bearing balance (outstanding value) of RMLs was MOP192.5 billion, up 0.6 per cent from a month earlier or 4.3 per cent from a year ago.

The outstanding value of RMLs to residents rose 0.6 per cent, whereas non-residents’ dropped 0.4 per cent.