Society

Macao's residential mortgage loans soar 58.5 pct in Q4 2010

(Xinhua)
Updated: 2011-02-25 21:16

MACAO - Macao banks approved some 10.4 billion patacas (1.3 billion U.S. dollars) of new residential mortgage loans (RMLs) in the fourth quarter of 2010, a remarkable increase of 58.8 percent over the previous quarter, according to the figures released on Friday by the Monetary Authority of Macao.

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Of the newly-approved RMLs in the period, 92.9 percent was extended to residents, and, in terms of approved value, new RMLs to residents and non-residents grew respectively 58.8 percent and 55.9 percent over the third quarter of 2010, the figures from Monetary Authority indicated.

Meanwhile, new commercial real estate loans (CRELs) approved decreased by 24.8 percent quarter-to-quarter to 7.6 billion patacas ($950 million) in the fourth quarter of this year, of which 87 percent was granted to residents, according to the Monetary Authority.

At the end of December last year, the delinquency ratio for RMLs stood at 0.1 percent, down 0.01 percentage points from three months earlier, while the ratio for CRELs went down 0.03 percentage points to 0.17 percent, the Monetary Authority also said.