There's lots to see in this albumen photo from the 1880s.
I'll look at it again in future, splitting it up into more manageable sections. To start with, I'll just describe the three buildings I've used to choose 1886 for the photo's date.
First, in the centre-right foreground we see the rectangles of the Ladies Recreation Club's tennis courts. Only one is marked out as a court, the others look as though they are still being built. So we need a date not very long after the club opened in 1883. (Annelise, are there any records of when the different courts were built?)
Next is the Roman Catholic Cathedral, just below the right point of the 'w' in the 'Gwulo.com' watermark. You can see that the main arches have been built - but also that you can see right through them with no walls, roof or windows to block the view.
That's a big help, as we know that the foundation stone was laid on 8 Dec 1883, and the cathedral opened to the public on 7 Dec 1888. So the photo was taken during that 1883-8 construction period.
Finally, inside the 'o' of the watermark '.com' we see the second HSBC headquarters. The side facing the sea is still covered in bamboo, looking like it is still under construction. Wikipedia says that the old building was knocked down in 1886, and the new one built the same year, so that's my best guess for the year of this photo.