In the end it was a small sign for a noodle shop that gave the game away, so many thanks to Wing Hing Noodle (永興麵家) for at least still being registered on the English Version of Open Rice despite it being closed (for how long I don't know).
Anyway, here is a few screen grabs to jog your memory.
See the building above with the stop sign next to it? That's still there. Just to the left of the stop sign is a white/red horizontal sign with 4 chinese characters on it. That sign is for the noddle shop I just mentioned. here's the same(ish) view today.
Next we can now find out where JCVD was standing when he was accosted by a very seriously ugly Bolo Yeung.
I haven't quite managed to get the correct angle, but the place he was leaning is now a pet store called "Twinkles" (oh dear...). The alleyway by the side of the shop still has a metal cabinet parked in front - it's similar to the one that we see in the JCVD shot above and although I don't think it is the same one I am quite confident that it probably belongs to a hawker/street seller and is used as a street stall. This being HK it is very feasible that the person who runs it was the same dude running it back in 1991 (note to self: next time I am in Kennedy Town I will take a few pictures down and ask whoever is there is they remember the filming).
Oh Bolo, you IS ugleeeeeee
Finally, after all that running about down alleyways and markets streets, JCVD manages to get away from his pursuers by running around in circles and ending up back on North Street, but this time further up next to the stop sign and noodle bar sign (mentioned earlier).