Core Insights - The Macau Monetary Authority reported a decline in new residential mortgage loans and an increase in new commercial property loans in August 2025 [1] Group 1: New Mortgage Approvals - New residential mortgage loans decreased by 22.2% month-on-month to MOP 820 million, with the residential portion dropping by 22.5% to MOP 810 million and the non-residential portion down by 3.1% to MOP 15 million [1] - New commercial property loans increased by 301.8% month-on-month to MOP 1.14 billion, with the residential portion rising by 125.5% to MOP 620 million and the non-residential portion increasing to MOP 520 million [1] - The average monthly new residential mortgage loans from June to August 2025 was MOP 980 million, a decrease of 4.1% compared to the previous period [1] Group 2: Outstanding Mortgage Loans - As of the end of August 2025, the total outstanding residential mortgage loans decreased by 0.6% month-on-month to MOP 209.86 billion, with a year-on-year decrease of 5.9% [2] - The outstanding commercial property loans totaled MOP 143.54 billion, down 1.3% month-on-month and 6.2% year-on-year [2] - The residential portion of outstanding residential mortgage loans accounted for 96.7%, while the residential portion of outstanding commercial property loans accounted for 91.4% [2] Group 3: Loan Default Ratios - The residential mortgage loan default ratio increased by 0.1 percentage points month-on-month to 3.8%, but decreased by 0.5 percentage points year-on-year [3] - The commercial property loan default ratio was 5.5%, with a month-on-month increase of 0.1 percentage points and a year-on-year increase of 1.6 percentage points [3]

Core Insights - The new residential mortgage loans and commercial property loans in Macau increased month-on-month in March 2025, while the total outstanding loans decreased [1][2] Group 1: New Loans - New residential mortgage loans approved in March 2025 rose by 7.2% month-on-month to MOP 780 million, with the residential portion increasing by 7.7% to MOP 770 million, while the non-residential portion fell by 19.5% to MOP 10 million [1] - New commercial property loans increased by 27.4% month-on-month to MOP 1.94 billion, with the residential portion rising by 48.1% to MOP 1.86 billion, while the non-residential portion dropped by 69.9% to MOP 80 million [1] Group 2: Outstanding Loans - As of the end of March 2025, the total outstanding residential mortgage loans amounted to MOP 215.71 billion, down 0.5% month-on-month and 5.1% year-on-year, with the residential portion accounting for 96.6% [2] - The total outstanding commercial property loans decreased by 1.0% month-on-month to MOP 148.45 billion, down 5.9% year-on-year, with the residential portion making up 91.9% [2] Group 3: Loan Default Ratios - The residential mortgage loan default ratio remained stable at 3.6% as of the end of March 2025, up 0.2 percentage points year-on-year [3] - The commercial property loan default ratio increased to 5.4%, rising by 0.1 percentage points month-on-month and 2.1 percentage points year-on-year [3]