Even though the studios had essentially stopped making films in the mid-80's when TVB became the main focus for Sir Run Run, the back-lot was still available for lease to whoever needed it - for example Jackie Chan built a massive period set here in 1988 for use in Miracles. Anyway, the Dragon crew also used the place for a very brief scene showing the filming off a kung fu film.
Shaws fans (at least genuinely geeky ones) will immediately recognise the giant wooden pai-lau (archway) that occupies centre screen. It has been a regular landmark in many a Shaw-produced movie.
This shows to me that some of the back lot was still intact even after the nearby University of Science and Technology (HKUST) was built in 1991 - it had taken up some of the Movietown land for development. Of course, now the studio premises are a complete wreck awaiting redevelopment. They have recently been given a Heritage grading but this means very little in HK and certainly doesn't prevent demolition and redevelopment. However, I would hope that any new building here could incorporate the iconic Shaw House as part of the development and perhaps even turn it into a Shaws museum (I know a few people who would kill their grannies to get involved in something like that).