Mortgage loans drop in November

2014-1-21

From：Macau Daily Times

According to statistics released yesterday by the Monetary Authority of Macao, new approvals of residential mortgage loans (RMLs) and commercial real estate loans (CRELs) dropped in November 2013. With regard to outstanding balance, RMLs and CRELs both witnessed increases. In November 2013, new RMLs approved by local banks dropped 7.2% month-to-month to MOP3.0 billion; of which, 96.2% was extended to residents. In terms of value, new RMLs to residents contracted 9.9% whereas the loans to non-residents expanded notably, by 283.5%. When compared with the same period of 2012, new approvals of RMLs witnessed a decrease of 16.9%. DSEC indicates that as of the end of November 2013, the outstanding value of RMLs has reached MOP116.7 billion, an increase of 1.6% from one month earlier or 21.7% from a year ago. The resident component made up 94.7% of the total. Compared to end-October 2013, outstanding RMLs to residents and non-residents grew 1.7% and 0.3% respectively.

Copyright@Macau Daily Times