Lim, owner of Meriton Holdings Ltd, was announced as the new majority shareholder following the Valencia CF Foundation's general meeting of trustees.
The proposal was unanimously backed by the club's board, with Lim's ownership due to start immediately.
Valencia stated that Lim's plans offered "the best project" and that it was "most suitable to give a great future to Valencia CF".
"The board also wishes to congratulate all their fans for their patience, commitment and behaviour in recent months," they added.
"Now, like all season, we ask for the necessary union of Valencia in order to achieve a bigger club."
Since winning La Liga twice in three seasons at the start of the last decade, as well as the UEFA Cup, times have been hard financially for Valencia.
The likes of David Villa, David Silva, Roberto Soldado and Juan Mata have all been sold and this season will be the first time in six campaigns they have finished outside of La Liga's top six.
