MacDonald's Engineering Works

Cropped from Hung Hom Bay - Reclamation for KCR ( & Electric Power Station) | Gwulo

Likely shows the buildings of the MacDonald's Engineering Works. 

The Twentieth Century Impressions of Hong-kong, Shanghai, and other Treaty Ports of China, published in 1908, refers:

The site occupied forms part of the land that has been reclaimed in the bay, and adjoins the Kowloon-Canton Railway station yard. It has a good water frontage of 400 feet in length, and a slipway capable of taking vessels up to 150 tons.

I think this can be seen in the photo.