This is one of a set of four photographs that were sold marked 'c.1900'.
The hill on the left of the photograph is where the British Military Hospital will be seen later. That opened in 1907, so the photo was taken earlier than that. However if you zoom in to the hill, it looks as though there is work underway there. Construction of hospital lasted from 1903-1906, so I'm estimating 1904 for the photo.
The Union Church is the main landmark in the centre of the photo, with the sloping Peak Tram tracks in front of it.
Does anyone recognise any of the buildings behind the church? The building furthest up the slope looks to be a grand construction. It still has bamboo scaffolding around it, but it seems just about complete.
In the front left of the photo we see Kennedy Round. In the lower left corner it turns out of view, starting the sharp curve that brings it around to join Garden Road.
On the right of the road is a new retaining wall. I think it will be about where Kennedy Heights is today. There is still an imposing retaining wall there today - you see it if you catch buses from Admiralty to mid-levels. After they leave Cotton Tree Drive they turn onto Kennedy Road. There's a bus stop in front of the wall, and a few shops built in to it. Could today's wall be the same as the one in this photo?
I'm also curious to know where the photographer was standing to take the photo. On the back of the photo is handwritten: "On the terrace - Hong Kong". I think the photographer would have stood roughly where today's Cotton Tree Drive is. But on a 1930s map if I move westwards from Kennedy Road I just see a pumping station building, then the Albany Nullah, then Garden Road, then the botanical gardens. Maybe he was on a terrace in the Botanical Gardens?
As usual, any extra info / corrections / comments welcome.