I'll be honest, when I first watched this film and saw this scene I was a bit confused about where it could be due to the complete lack of surrounding development. The views from this place before the onset of massive development in Tsuen Wan were really quite impressive.
regarding the film plot, this is where Stack's recently murdered buddy is being buried (and Stack has put the medallion in the coffin with him), so it's a place that we keep coming back to several times, each one offering a slightly different view/angle. Our first view of it is a huge left to right pan that takes in most of the eastern side of the cemetery.
Then a nice view looking back the other way from the hilltop taking in much of the are we just saw in the pan.
The following screen grab shows us looking back the other way. The hill in the background is actually Tai Mo Shan - Hong Kong's tallest peak - and the shot with the taxi is looking the same way. Yes, that is Elke Sommer. She plays the dead man's wife.
Stack goes back later in the film only to find that the coffin has been exhumed and the medallion has been pinched. The hills in the background of this shot belong to Tsing Yi island.
And a final trip to pick up the hidden medallion, although no big views here, just some real graves that I may have to go and find one day.