From the album held at the Wellcome Collection: Places in South China, Hong Kong, Macao and Japan. Photographs by William Pryor Floyd, ca. 1873. Source here.
The same photo is also shown in the HSBC collection of W.P. Floyd photos from 1873. They own an album with Floyd's photos from that year, and on this photo a caption appears reading:
'Wong-Nei-Chong. Better known as the "Happy Valley" and containing the Race Course of the Colony. The "Grand" and Portuguese Stands are visible to the right of the Course, which measures somewhat over a mile in circumference. At the extreme back a small Chinese village nestles amid the foliage. This, the most picturesque portion of the more accessible neighbourhood, is a favourite place of resort for afternoon walks and drives'.