The groundbreaking move to buy the building next to the town hall is thought to be the first of its kind outside London.
A group of investors, comprised of businessmen from Hangzhou and Guangzhou, has purchased 130 Colmore Row, built in 1903.
The consortium, working alongside former Wragge & Co lawyers James Ng and Anthony McCourt, is drawing up plans to develop the 5,500 sq ft building into a Chinese-focused business centre and a bar or restaurant.
Developer Anthony McCourt, who runs property consultancy Court Collaboration, said: “Many people believe there is an opportunity to grow Chinese investment in the city. The fact we had an offer for half the building before we bought it shows its popularity.”
He said this is the first time investors from China have bought a commercial property outside the capital which requires redevelopment; previous Chinese investment in Birmingham has been in completed residential schemes.