Yup. You can buy hotel status for Marriott/IHG/Hyatt/Hilton online in China for very little money. In the west, hotel status seems to be affiliated with business people whose job/bosses mandate some sort of travel; conversely, fuerdai culture in China compels even infrequent Chinese travelers to crave status. There is a real market to buy and sell status.

There are also markets for buying and selling points. China has multiple equivalents of churningmarketplace that are MUCH larger.