Well, this was the oldest entry on the 'Help Me!!!' page. Me and Phil from the superb Hong Kong (& Macau) Stuff / Hong Kong (& Macau) Film Stuff blogs had theorised that this was possibly the location of 'Police Story's epic opening, but Isamu has put in some more leg work and come up trumps with final confirmation (he also has an incredible collection of Hong Kong movie locations which he has photographed here).
You can see the top of the hill over Bill Tung's shoulder, although the slope that the shanty town itself was built on has since been quarried. Still, the drainage channel and steps (from the bottom left hand corner of the second capture) are still present.