Macao's new approved residential mortgage loans drop 48.8 pct in October

MACAO, Dec. 12 (Xinhua) -- The new approvals of Macao's residential mortgage loans (RMLs) decreased in October this year while those of commercial real estate loans (CRELs) increased in the month, the special administrative region's monetary watchdog said on Monday.

File photo: CGTN

According to the statistics released by the Monetary Authority of Macao, the new RMLs approved by Macao banks in October dropped 48.8 percent month-on-month to 985.1 million patacas (122.4 million U.S. dollars).

The new RMLs to residents, representing 99.4 percent of the total, fell 48.8 percent to 979.1 million patacas. The non-resident component also decreased 48.3 percent to 6.0 million patacas.

The new CRELs advanced by 288.3 percent month-on-month to 7.28 billion patacas. The new CRELs to residents, or 99.8 percent of the total, expanded by 321.7 percent to 7.26 billion patacas.

At the end of October 2022, the outstanding value of RMLs fell 0.3 percent month-on-month, or 1.3 percent year-on-year, to 234.1 billion patacas, attributable to the repayment of loans with large denomination.

The outstanding value of CRELs was 164.2 billion patacas, which grew 3.3 percent from the previous month, or 3.4 percent from a year ago.

At the end of October, the delinquency ratio for RMLs stood at 0.5 percent, which remained unchanged from a month ago, but up by 0.2 percentage points over a year earlier.

The delinquency ratio for CRELs remained virtually unchanged from the previous month at 0.8 percent, rising by 0.2 percentage points from the end of October 2021. (1 pataca equals 0.1243 U.S. dollar)