This ethnographic data-driven article investigates the urban political economy of a new form of elite schooling, which is represented by the fee-charging international programs recently established by 'key' public high schools in metro China. Grounding the analysis in Harvey's work on urbanization and neoliberalism, the literature on China's development model, and Bourdieu's theory of capital conversion, this article reveals that the construction of an international program is deeply implicated in the school's social relationships with the state, real estate developers, and urban middle classes. While the program provides wealthy Chinese families with access to international higher education for accumulating desirable capitals at 'world-class' universities, the Chinese elite school generates its own capital. Through theorizing how the creation of the fee-charging international program draws together multiple forms of neoliberal profit-making and multi-scalar capital accumulation, this study adds novel conceptual and empirical insights to the emergent scholarship of elite and international education.