On the same page of the HK Telegraph, 2 November 1929 that carries the announcement of the departure for Home of HMS Titania and the 4th Submarine Flotilla for the following morning, there is a report on The Titania Farewell Dance that took place on 1st November at Lane Crawford's. It looks as if it might have been the same occasion as this photo records, labelled "Big Children's Party 1929 Xmas," but on return to the ship. The date has been corrected from 1928 to 1929. Titania would no longer have been in Hong Kong at Christmas 1929. The article mentions a fancy dress competition. The winner was dressed as "Home Bound". Can anyone spot him here? That would verify the 1929 date. There were apparently over 200 couples dancing to the music of Titania's own band and drinking "cunning little drinks" from 8 to midnight. It's a good thing they all had a day to recover before sailing.
The photo is from WR Fell's 1928-1929 album.