Yeung's Grandtop International Holdings company earlier tabled a £81.5 million bid for the St Andrews outfit and the deal was confirmed on Tuesday.
Grandtop has now acquired over 90 per cent of shares in the Premier League club and will be offered the opportunity to purchase the remainder.
The deal marks the end of co-owner David Sullivan and managing director Karen Brady's 16 years at the club.
Birmingham boss Alex McLeish welcomed the news.
'It is exciting times and something I have great anticipation for. There is a buzz about the place,' he said.
'I am ambitious and they are ambitious and, of course, if there is money to spend, we would welcome it.
'We are looking forward to a new era. The fans are anticipating another step forward.'
David Gold is expected to continue as chairman of the West Midlands club.
Birmingham currently lie 14th in the Premier League.
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