The reasons I am agreeing that this is most likely to be Queen's Road West is mainly due to the configuration of the roads with the bend at the background, the three roads on the left that are apparent on the film (the three would be Eastern Street, Mui Fong Street and Kwai Heung Street - although Mui Fong Street is really only a small lane). Whereas on the right side of the picture (which is the south side of the street) we only see an opening where eastern Street crosses Queen's Road West. This tallies with the layout of the road there. Also the fact that this sequence immediately precedes this one makes sense that the film crew wouldn't head to this spot on HK Island simply for the quick shot as the cart turned the corner into Centre Street.
None of the buildings along this part of Queen's Road West (other than the shophouse near the corner with Centre Street) exist anymore, making a building identification impossible and the only real landmarks appear to be the Chow Tai Fook sign (seen in the centre two pictures) and the Ernest Borel sign seen behind his head in the lower picture.
So anyway, if anyone has an old picture of this section of Queen's Road West that can be used for comparison, or perhaps if you remember either of the aforementioned signs, then please leave a comment. It would be nice to know 100%.