New approvals of residential mortgage loans (RMLs) and commercial real estate loans (CRELs) declined in May 2015, according to statistics released by the Monetary Authority of Macau on Monday.
In May 2015, new RMLs approved by Macau banks decreased 14.5% month-to-month to MOP 3.7 billion; of which, 96.3% was extended to residents. In terms of value, new RMLs to residents and non-residents decreased 13.0% and 41.8% respectively. When compared with the same period of 2014, new approvals of RMLs witnessed a decrease of 38.4%.
New CRELs dropped by 55.4% month-to-month to MOP 4.1 billion; of which, 88.4% was granted to residents. In terms of value, new CRELs to residents and non-residents decreased 53.6% and 65.6% respectively. On an annual basis, new approvals of CRELs dropped by 26.4%.
As at end-May 2015, the outstanding value of RMLs reached MOP163.2 billion, an increase of 0.6% from one month earlier or 24.9% from a year ago. The resident component made up 94.1% of the total. Compared to end-April 2015, outstanding RMLs to residents and non-residents rose 0.6% and 0.5% respectively.
Concurrently, the outstanding value of CRELs increased 1.5% from end-April 2015 and was up 36.2% from end-May 2014 to MOP139.3 billion. Residents accounted for 89.0% of the loans. Compared with one month earlier, outstanding CRELs to residents and non-residents grew 1.4% and 2.9% respectively.