The IECA said "no educational consultant will act as a middleman for donations to a school," adding that consultants "will put the family directly in touch with a university's development office and donations would be made directly."

But the appetite among Hong Kong's elite for getting their offspring into top universities is unlikely to fade.

"The way to differentiate yourself is "that one line on your resume that says what university you came from," Capstone's Po said. "That's one of the few elements that sticks with you for the rest of your life professionally."