Not at all outdated, I am relying on DD and their peer's feedback and attitudes, perhaps you should go visit the bar at Leeds or Nottingham on a wednesday night to listen to the banter of the modern day Sloan. If it is outdated why do they send them up in Fresh Meat! (A comedy that seems to resonate as much with DD and her peers experience of student life as it does with that of my peers)
You seem to have a problem with Chinese students though, or at least with your stereotypical view. DD doesn't and counts some amongst her closest friends. It's a bit like saying ALL British students spend their time pissed up in the bar.
I assure you I know London very well, but any cravings / illusions on my part, or the way I take advantage of living in reach of the capital would be irrelevant since it is the experience of DD and her peers I am describing, and providing as feedback to OP. I was actually concerned when DD fixed on UCL as a result of the course, because I thought the social life would not be on a plate as it is at other unis, there was a risk she wouldn't get into halls and we were concerned about the expense. I was wrong, she got into halls, and she has had a great time socially as well as really enjoying her course. She has discovered another London, student London. They do not suffer from the high cost of weekend entertainment in the capital because they know where to drink, eat and club cheaply, plenty of cheap student nights / venues that cater to students and in fact she knows students at unis across London, especially LSE and Imperial (not KCL so much, a deep and long rivalry 
) . There is also so much more to student life in the capital, cheap theatre tickets, secret cinema, student theatre etc etc
She has two flatmates whose parents cannot afford to contribute to their education but with a loan, maintenance grant, scholarships and bursaries (which UCL give out automatically to students in their position) they actually get by comfortably, save even. And their latest flat which they got easily through an estate agent in mid August (no having to committ to a student house 10 months in advance with the risk you might fall out with your would be housemates in between as happens in most uni cities ) is a 20 min bus ride from UCL (4 stops on the northern line, but bus is cheaper) .
Theirs isn't an isolated experience either, I really do not recognise what you are describing from the experiences of the students I know who are studying in London now (and I am actually a postgrad student at another London uni)