These are the steps from Pokfulam Road up to Hing Hon Road. Until recently the steps were much narrower, but they were widened during the construction of the new "Summa" residential block on the left.
On the right is a sign marked "IL 757". You can see the same number was painted on the wall.
I guess it's there to make sure this little sliver of land (between the low wall, and the higher wall and fence behind it) stays with the rest of this lot, and doesn't get absorbed to the St Paul's School lot (IL 754) that starts at the higher wall.
You can see the two lots clearly on the the 1924 map:
http://gwulo.com/1924-map-hong-kong-western
Regards, David