One of Hong Kong's premiere hostess bars closed in 2012. The founder of the club and owner of the building in which it was housed (the New Mandarin Plaza in East TST) decided he could get more money letting the space to other commercial interested and so the club was closed.
I do remember the massive neon sign that used to shine down from the building but I had no idea that they used to have a small car inside driving people around. Oh dear, what a sheltered life I have obviously been leading...
Anyway, in the film it's where Irons gets invited to by Gong Li so they can indulge in some mutual self appreciation.
If you're wondering where the entrance used to be it was on the side of the building that fronted Science Museum Square. Streetview is obviously several years old for this area at the moment (2011 I would guess) so we can still see the old entrance even though it has now gone.