About 9 out of 10 foreigners who obtained residency visas in South Korea through the immigrant investor program were from China, the government said Monday.

The Justice Ministry said that 123, or 88.5 percent, of the 139 investments were made by Chinese citizens, followed by three from Hong Kong and Iran, respectively. 

Amid the need for capital to boost the economy, the government has granted residency to foreign nationals in return for investment in public development projects since May 2013.

The total amount of investments reached 64 billion won ($54.7 million) this year, an increase of 1.3 billion won from 2013.

Under the scheme, foreigners who invest about 500 million won or more in the projects designated by the Justice Ministry can get F-2 residential status visas that give them economic freedom here. After five years, they can obtain F-5 visas that allow them to reside in Korea permanently.

The investments are used to provide low-interest loans to small and medium-sized enterprises with relatively low credibility. Some 125 companies benefited from the program, the ministry said. 

By Ock Hyun-ju (laeticia.ock@heraldcorp.com)