South Korea will introduce a new five-year renewable visa in January to attract affluent Chinese tourists, against the backdrop of a decrease in Chinese arrivals in the second half of the year.

The visa, which allows holders to return for stays of up to 30 days during the period of validation, is named hallyu, after the Korean pop culture wave. Chinese tourists who buy specialized four-day travel packages costing 17,350 yuan ($2,500) or more can apply.

China's leading tour company, Ctrip, predicted that only 1 percent of mainland tourists would be eligible for the new visa.