This is the location of the arms deal that Kenneth Tsang and Danny Lee head to, where the chase which ends on the tram begins. The tram sequence takes place on Hennessy Road, although there aren't really any good exterior shots which last more than a second, so I'm not going to include it.
Oh, and if you're in the navy (any navy) and you visit this spot, you can call in at the Seviceman's Guides Association and claim a free cookie, along with the guide to Hong Kong which they publish.
