Circa 1957. Re-posted from 2014 on the wayback machine on old.gwulo. The photo previously appeared on Flickr, https://flickr.com/photo.gne?id=4320139486, but has been deleted there.
A good view over the built-up area running up the valley from Happy Valley racecourse. Broadwood ridge in the background, and the yellow-brown roof of Tung Lin Kok Yuen at far right.
80sKid adds:
you can see the HKJVC stablehand blocks that T talked about in another 1950 photo of happy valley in this photo dated 1957 - they're the distinctive grey ones. I think the the pair on the left are the two remaining. they're now painted pink and as T said one of them houses Unicef. A Jockey Club called Horseshoe Towers or somesuch name took out the middle ones and another block the ones on the right. Amazing to think they were all for Jockey Club staff.