"Football is the most loved, played and watched sport in the world and in China, the exponential growth pathway for the game is both unique and hugely exciting," Khaldoon Al Mubarak, the club’s chairman, was quoted as saying of the partnership.
"We have therefore worked hard to find the right partners and to create the right deal structure to leverage the incredible potential that exists in China, both for CFG and for football at large," he added.
The Hong Kong-based South China Morning Post reported that the investors agreed to pay 265 million pounds ($400 million) for their share of Manchester City’s parent company -- the first major move by Chinese firms into England’s Premier League.
Under the deal, Man City’s owner, Emirati billionaire Sheikh Mansour bin Zayed Al Nahyan, sold the 13 percent share for the same amount that he spent to purchase the entire club seven years ago.
The Chinese firms involved in deal are CMC Holdings -- a media, entertainment, sports and internet firm -- and investment company CITIC Capital.
In a statement released by Manchester City, CMC Chairman Ruigang Li said that the sport "is now at a fascinating and critical stage of development in China".
"We see unprecedented growth opportunities in both its development as an industry, being China's most watched sport, and its inspirational role bringing people of all ages together with a shared passion," he added.
Manchester City became one of the important clubs in the U.K. and Europe after Mansour bought the Premier League club.
The team managed to end its winning drought in the 2011-12 Premier League season by securing the title for the first time in 44 years.
City won the league title again in the 2013-14 season.
In addition to also winning domestic titles in recent years, Man City has drawn attention with expensive signings.
In summer 2015, the club signed 24-year-old Belgian attacking midfielder Kevin De Bruyne from Germany’s Wolfsburg for 74 million euros and 20-year-old English winger Raheem Sterling from Liverpool for 62.5 million euros -- the most expensive transfers ever for the club.
