New approvals of residential mortgage loans by banks also dropped by one percent in September
Based on statistics from the Monetary Authority of Macao (AMCM), the value of new commercial real estate loans (CRELs) dropped 19.7 percent to MOP3.09 billion (USD385 million) in September.
The Macau Daily Times reported that new CRELs issued to residents (95 percent of the total loans in this category) decreased 22.3 percent to MOP2.94 billion (USD366 million).
Meanwhile, the total of new CRELs made to non-residents increased to MOP154.5 million (USD19 million).
The monthly average value of new CRELs approved between July and September contracted by 21.1 percent to MOP6 billion (USD747 million).
Additionally, new approvals of residential mortgage loans (RMLs) by banks in Macau dropped by one percent to MOP3.43 billion (USD427 million) in September.
Representing 98.3 percent of total loans in this category, new RMLs to residents dropped 1.8 percent to MOP3.37 billion (USD420 million).
The monthly average value of new RMLs approved between July and September dipped 3.7 percent from the previous quarter to MOP3.7 billion (USD461 million).
Moreover, compared to August, outstanding RMLs to residents increased by 0.5 percent, while those to non-residents decreased by 0.3 percent.
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