I think that little white strip above the rails is the RAF Sha Tin runway. It's worth clicking through to Flickr for a larger view.
Source: This image came from Flickr, see https://flickr.com/photo.gne?id=5213652733
Date picture taken
1960s
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Re: RAF Sha Tin
Yes, that was RAF Sha Tin at Tide Cove. Two years later in 1962, the most intense typhoon (Wanda) to hit Hong Kong on record closed down the airfield.
typhoon wanda
the father of a friend of mine weathered typhoon wanda at the shatin heights hotel. a vessel of some kind ended up on the roof, so strong were the winds. as for the abandoned airfield, you could rent bicycles there for a bit of afternoon recreation in the late 60s :)
Typhoon Wanda
There are some pictures of the damage at Shatin on http://www.weather.gov.hk/informtc/no10/wanda/ulthm.htm