Ting Kai-tai murdered and dismembered the girl after she agreed to meet him in exchange for cash and presents and went home with him after he paid her 1,500 Hong Kong dollar ($193).
A survey earlier this year found that teenagers in the fashion-conscious city often got involved in compensated dating to earn money for designer clothes and brand-name products.
Police in Hong Kong have arrested several men in recent months for allegedly working as pimps for schoolgirls as young as 13.
In one case, a 19-year-old girl was arrested after a video circulated on the internet of her giving a man oral sex on a city bus to earn $25 towards a Gucci handbag.