Group 1 - The core point of the article highlights a significant decrease in newly approved residential mortgage loans in Macau, with a 28.2% month-on-month decline to 900 million MOP in December 2025 [1] - The average monthly new residential mortgage loans from October to December 2025 were 1.11 billion MOP, reflecting a 6.6% decrease compared to the previous period [1] - Newly approved commercial property loans also saw a decline of 5.4% month-on-month to 380 million MOP, with the residential portion decreasing by 9.9% to 360 million MOP [1] Group 2 - As of the end of December 2025, the total outstanding residential mortgage loans decreased by 0.6% month-on-month to 206.45 billion MOP, and year-on-year it fell by 5.3% [2] - The total outstanding commercial property loans amounted to 138.09 billion MOP, showing a month-on-month decline of 1.7% and a year-on-year decrease of 7.9% [2] - The residential mortgage loan delinquency rate decreased by 0.2 percentage points to 3.6% month-on-month, while it increased by 0.1 percentage points year-on-year [2]

Core Insights - The Macau Monetary Authority reported an increase in new residential mortgage loans by 4% month-on-month to MOP 1.18 billion in October 2025, while commercial property loans surged by 310.1% to MOP 850 million [1][2] New Loan Approvals - New residential mortgage loans approved in October 2025 reached MOP 1.18 billion, with the residential portion increasing by 6.2% to MOP 1.15 billion, while the non-residential portion decreased by 41.7% to MOP 31 million [2] - New commercial property loans rose significantly by 310.1% to MOP 850 million, with the residential portion accounting for 98.8% of the total, increasing by 305.1% to MOP 840 million [2] Outstanding Mortgage Loans - As of the end of October 2025, the total outstanding residential mortgage loans decreased by 0.3% month-on-month to MOP 208.13 billion, representing a year-on-year decline of 5.2% [3] - The total outstanding commercial property loans amounted to MOP 141.01 billion, down 0.5% month-on-month and 7.3% year-on-year [3] Loan Default Ratios - The residential mortgage loan default ratio remained stable at 3.8% month-on-month, but increased by 0.4 percentage points year-on-year [4] - The commercial property loan default ratio was 5.6%, unchanged month-on-month, with a year-on-year increase of 0.5 percentage points [4]