As promised, more TST, this time in the shape of Peking Road.There are a couple of shots of it in the opening sequence as well as later on when the fighters are walking to the location of the Kumite in Kowloon Walled City. People more familiar with the layout of HK streets will know that it is quite a hefty walk to make but this is movie land and the movie makers give the impression of them being just around the corner from each other.
Look closely and you'll see signs for the CTS (the China Travel Service) which still has an office there. Princeton Tailors is a well-established tailor shop that is still around even if the sign has been removed and back in 1987 the Nathan Ivory Factory company had a shop there (it's since moved down to Middle Road).
The lower shots show the guys crossing Peking Road ad in the background we can see the shops that used to occupy the ground floor of the previously mentioned Hyatt Regency Hotel, such as Zurich Jewellers. This whole road has changed extensively in the intervening years, not just here but at the far end (in the background too) where various older buildings (including some cool shophouses) were knocked down to make way for #1 Peking Road.
Here's a quick view of the area today. Remember the hotel (it was called The President before Hyatt took it over) was demolished in 2006 and replaced by iSquare.