Here are some of the comments from that particular bit of sleuthing.
Thomas: There are Chinese characters behind the No Entry traffic sign and it appeared to read 東湖, which looked like a Local Restaurant. 東湖 = East lake. Maybe they just faked part of the business sign...There is another Restaurant there today and its entrance is not the same as East Lake. Street View does not show the current restaurant though.
Neil: The East Lake Hotel was actually the East Lake Seafood Restaurant at the junction of Wing Hing street and Electric Road. Salon Films production office was just round the corner, on Wing Hing street. We only used it as an exterior.
Me: Thanks Neil - that sounds like the same place that Thomas had identified in the comments above. Or perhaps the other side of the same block?
Thomas: It's the same block! I'll try to take a few pictures the next time I walk buy for you. The current restaurant is the Majesty Chinese Restaurant (http://www.openrice.com/restaurant/sr2.htm?shopid=110018&tc=sr1). The current Street View did not show this though.Now, the actual angle used on the film was indeed the corner where Hing Fat Street joins with Wing Hing Street and here is the best comparison I can do with the film without going down there and taking it myself.
The building facade has changed completely but the lights and crossing are still there, and on the screen grab from Bloodsport you can see the trees on the right that are located within the boundary of Victoria Park (this is essentially the NE corner of the park for those needing a bit of context.
Anyway, once again, many thanks to Thomas and Neil.