MBA, I wouldn't say that even the British or JAR ATPL would be a degree-level qualification, although probably about the TAFE diploma or advanced diploma level. Thinking of which, I think some of the flying courses are now classified as diploma in aviation or something like that here, are they not?
But then I'm not really a believer in the value of an aviation degree in terms of improving one's chance of getting a flying job in Australia (no idea about Hong Kong though) anyway. Then, if someone has interest in aviation and in nothing else, and wants a degree, it would be a good thing to have.