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Country Highlights Mongolia
NHB-APUHF
International conference 30/Jan/ 2012
Enkhbayar Tsedendorj
Content
• Mongolian housing market growth
– Mining town Housing development
• Mortgage market overview
• Potential development of Mortgage market
• Development of Secondary mortgage market
and MIK’s function
• Conclusion
Housing Areas:
Ger area
• Population 2,75 million, Total # Households-714,000
• 45% of them in Ger including 33% urban households
• Urban- 67%; Rural 33%
• Ger and Housing, %
• Urban: 33:67; Rural: 71:29
Source: Mongolian 2010 Census
3
Mongolian housing market growth
12000
Housing supply (housing units, total area thousand sq m)
(2000-2011-QIII)
9899
10000
8000
Housing supply, by units
6040
6000
5416
4579
4000
2000
0
3165
3536
680
1010 1045
2000
2001
2002
3725
1478
108.3 119.3 122.9 286.6
2003
6338
476.6
266.8 277.5
2004
2005
2006
Housing supply, by thousand sq m
446.6
2007
444.8
2008
512.2
722.4
362.5
2009
2010 2011-III
Housing units: houses and apartments not includes gers
•
•
Over the 20000 units under construction in UB alone
The volume of housing units per year will have to be at least 10,000 to meet demand, including the
mining towns
Source: MRTCUD
“TSETSII” Mining Town Housing development in South
Gobi, TsogtTsetsii soum, by Energy Resources Company
Area: 21 hectare
1648 flats for mining
workers
Social and physical
infrastructure facilities
will be provided
Source:
ER, MCS property
Current Housing Development
Ulaanbaatar city
Country side picture-1
Country side picture-2
Country side picture-3
Mongolian Ger
Country side picture-4
The strong growth of banks begun in 2004 has
resumed
Mongolian Banks' Asset and Loan Growth
USD bn
7.497
8
7
6
4.96
5
3.52
4
2.72
3
1.76
2
1
2004
2.2
1.936
1.744
0.54
0
2.64
1.2
0.856
0.744
2005
1.096
2006
Total Asset
Source: BOM and TDB
4.528
2.96
2007
2008
2009
Loans
2010
2011
Mongolia’s strong GDP growth will drive strong loan
growth
Source: IMF and TDB
Mortgage lending in Mongolia will grow dramatically
The sources are BoM, IMF, MIK TDB
Providing Home ownership to more and more
Mongolians
Source: MIK and TDB
Mongolian mortgage market overview(1)
Million MNT
Mortgage market trend : 2005-2011
700,000
14.00%
600,000
12.00%
500,000
10.00%
400,000
8.00%
300,000
6.00%
200,000
4.00%
100,000
2.00%
-
Mortgage market debt
outstanding (million
MNT)
Mortgage market
share of Systemic Loan
market , %
0.00%
2005
2006
2007
2008
Market indicators
Mortgage market debt outstanding (billion
MNT)
Mortgage market share of Systemic Loan
market , %
Total Debt Outstanding Per Borrowers
(million MNT)
Numbers of Total Borrowers, thousand
Market I.R /Ann , %/
2009
2010
Mortgage Standard:
•LTV <70%
•DTI>45%
2011
2005
2006
2007
2008
2009
2010
2011
30,8
74,3 164,6
218,0
226,0
333,7
656,5
2.3%
3.3%
6.4
8.3
4,7
9,0
8.0%
8.3%
8.6% 10.7% 11.64%
13.2
13.6
16.9
24.8
16,5
16,6
19,7
26,5
14.7% 17.8% 16.0% 18.7% 17.7% 15.7%
16.9%
10.0
16,4
* Source: Monetary Policy and Research Department, Bank of Mongolia
NPL %
Mortgage loans-0,45%
MIK portfolio-0.0%
Mongolian mortgage market overview(2)
Mortgage market/million MNT/
Loan & Mortgage market trend : 2005-2011
700,000
6,000,000
600,000
5,000,000
500,000
Systemic Loan market Debt
Outstanding (million MNT)
4,000,000
400,000
3,000,000
300,000
2,000,000
200,000
Mortgage market debt
outstanding (million MNT)
1,000,000
100,000
-
2005
2006
2007
2008
2009
2010
2011
Mortgage market quality:
2008.06-2011
4.00%
3.00%
2.00%
1.00%
Past Due Loan Ratio, %
NPL ratio, %
* Source: Monetary Policy and Research Department, Bank of Mongolia
Dec-11
Oct-11
Aug-11
Jun-11
Apr-11
Feb-11
Dec-10
Oct-10
Aug-10
Jun-10
Apr-10
Feb-10
Dec-09
Oct-09
Aug-09
Jun-09
Apr-09
Feb-09
Dec-08
Oct-08
Aug-08
Jun-08
0.00%
Housing Price Index , by 6 districts of the Capital
city
HPI of UB city(6 districts): 2009.IIIQ-2011.IIIQ
140.0
120.0
HPI, %
100.0
80.0
60.0
40.0
20.0
0.0
* Source: Bulletin of National Statistic office
**Note: Statistical substitutional methodology has been used on some apartment
price data.
MONGOLIAN MORTGAGE CORPORATION
+
Established 06.09.2006
Why we established MIK
–
–
–
–
–
Increase the affordability of the housing loan
Stable structure for long term financing
Liquidity facility
Increase in housing mortgage market
Need for capital market development
Mission statement
• Promotion and development of primary and
secondary mortgage markets
• By raising medium to long term funds on domestic
and foreign capital market
• Through a series of capital market tools to create and
ensure smooth functioning of long-term financing
system
• To promote affordable home ownership and urban
development for Mongolia’s people.
МIK OPERATION
• Purchased 10 Mortgage pools
• MIK issued Covered Mortgage Bond in 2009
-9,7 Bln MNT, 2, 3.5, 5 years, 14-14.5%
• Got an approval from the Financial Regulatory Commission to issue
25 bln MNT bond ;
• Mortgage Legal and Regulatory framework
–
–
–
–
Mortgage standardization and Documentation - IFC and KfW, EBRD
Mortgage law July 2009
Asset based security law April 2010
Shelf registration , OTC procedure
• Listed as a repo financing instrument under Central Bank of
Mongolia
• Capital increase, offering equity investment to potential investors
22
Cooperation and recent development
• Cooperation with IFC, KfW, USAID, APUHF, EBRD
– IFC: 2 Small TA-Mortgage toolkit adaptation and
Housing micro finance
– KfW: Loan and TA project through Government
FSM
– USAID: Legal framework and Mortgage bond
Guarantee 50%
– Wharton school International HFP, Hofinet data :
– CAGAMAS
Conclusion
•
•
•
•
Considerable housing needs to be built in Mongolia
Mongolian mortgage market is developing rapidly
Secondary market development will be essential
Foreign investors in covered bonds or mortgage backed
securities will be needed
• MIK, with strong local and international support, is
poised to create quality investment instruments
• Investors in the housing market, as well as the
secondary mortgage market are welcome
THANK YOU
Mongolian Mortgage Corporation LLC /MIK/
MIK Building , United Nations street-38
Chingeltei district-4, 15160
Ulaabaatar, Mongolia
www.mik.mn, [email protected]
Tel: (976) 11-328267
Fax (976) 11-313338
25
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