For Taiwan tourism, winter came early.

A significant drop in mainland visitors in the past few months has taken its toll on the island's tourism economy. Forty percent of related businesses were hit with a sharp drop in revenue - 23 percent on average - according to a survey by Taiwan companies 1111 Job Bank and its subsidiary TaiwanXing travel agency.

The cold spell claimed its first major victim when Genesis Travel Agency, a time-honored company specializing in group tour services for mainland visitors, declared bankruptcy on Wednesday, according to the Taiwan tourism authority.