Po Wah Theatre, most likely its second generation in Tai Po. The date of the photo was estimated to be late 1960s, and was from the train track looking north. At a distance are the 6-storey buildings on Kwong Fuk Road which still stand today.
Photo source: uwants.com - post #1772 by user 4rex - http://www.uwants.com/viewthread.php?tid=14833421&page=119#pid212384491