Honestly, if I'm gonna pay HK$20K for sex only, I can have lots more better choice la! Why her?! The thing is, if your friend is looking for a long term healthy relationship, she is not the one lor!
Lik, it's hard to say whether the girl has an money grabbing intention or not. It could be an innocent comment, or your friend is getting the wrong message, or she is really money grabbing.
I would suggest for you friend to find a affordable and nice bag for the girl. Put lots of thoughts into the presentation of the gift. He can explain to her that he doesn't have the money right now to buy and LV, but really would like her to be happy. If she get upset, then your friend will know right there that she's just in it for the money.