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New housing mortgages plunge in February

However, local banks approved more commercial real estate loans in the same month, as compared to January

Local banks approved residential mortgage loans of MOP2.6 billion (US$325 million) during the month of February, down 25.8 per cent month-on-month although those collateralised by completed units registered an increase of 6.9 per cent.
According to the official data of the Monetary Authority of Macau (AMMC) 96.3 per cent of the month’s new residential lending was granted to local residents, at MOP2.5 billion, a decrease of 26.1 per cent month-on-month.
In addition, new approved home mortgages to non-residents fell 15.3 per cent month-on-month to MOP96.7 million.
Compared to the same period of 2016, total newly approved housing mortgagees increased by 14.9 per cent in the month, while those to residents went up by 20.5 per cent year-on-year.
Meanwhile, the amount of equitable mortgages rose by 6.9 per cent month-on-month, reaching MOP173.8 million in the period. In particular, those extended to residents grew by 11.3 per cent month-on-month to MOP167.4 million, accounting for 96.3 per cent of the total.
However, compared to the same month of 2016, the amount of equitable mortgages represents a notable decrease of 75 per cent. AMCM explained the drop as being attributable to the higher comparison base of one year ago.

Commercial property loans up
New commercial real estate loans approved by local banks reached MOP2.8 billion in the second month of the year, an increase of 6 per cent month-on-month. On a year-on-year comparison, the amount also means a growth of 5.3 per cent.
As at the end of February, the outstanding value of housing mortgages went up by 0.5 per cent month-on-month to MOP182.4 billion. Of the total, that of residents accounted for the majority of shares at 93.8 per cent.
The outstanding value of commercial real estate loans was MOP170.3 billion at the end of the period, up 0.4 per cent from January, of which residents accounted for 90 per cent.
Meanwhile, the delinquency ratio for residential mortgage loans was 0.19 per cent, virtually unchanged from January, while that for commercial real estate loans also remained at 0.13 per cent compared to a month earlier.

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