The first picture shows the top of Stanley Beach Road, just after the junction with Stanley Village Road further up the hill. The house in the background seems to be a rather grand old (and very stylish) affair that has since been replaced by "Grosse Point Villa". Even the empty space behind the car has been developed into "Standford Villa". I've stuck a Streetview grab underneath for comparison.
Next up we have a view a little further down the road and we get to see it from two angles. The first shows us the view looking down the road. The large terrace on the right can also be seen in the second picture looking back up the road. The terrace is still around but it has undergone a face lift and currently has a luxury house development unpretentiously called "No.6 Stanley Beach Road". I am fairly certain that the tree on the far right in the top screen grab, is the same tree that can be seen by the black car on the right of the Streetview picture. It still has the same general shape despite losing a branch. What do you think?
Here's the view looking back up towards No.6. I wonder if any of those children on the right will get around to reading this post? They would be in their 60s by now.
The next view is a bit further along and is the angle that gave me the first clue to the location. The hill in the distance is Che Pau Teng on the Stanley Peninsula. There aren't that many places with such a view in HK surrounded by low rise houses and if you look closely you should be able to see the dormitory building of the Hong Kong Sea School just below the hill.
Finally a view looking back up the road. The white building at the back also helped me with identification because it's still around, albeit now thoroughly obscured by trees from this angle. It's Beach Mansion and it looks like that strange cubicle on the wall is still there. Those who know Stanley will realise that the right hand side of these screencaps leads to Stanley Main Beach.