I believe that this photograph was taken at Wo Mei near Pak Sha Wan in the Eastern part of the New Territories.
This is incorrect. I now know that it was taken from the old Tai Po road overlooking Tolo Harbour at a point where the road bends round a steep valley through which a stream runs. The railway line's embankment is visible in the near distance, and Tolo Harbour is beyond it. A pin, 'Tseung Tsai Yuen' already marks the spot. (Andrew S)