The cinema building is still around but is now emblazoned with "Pets Central" and also had (until recently at least, because I have been told it has just closed down) "Steamers" bar/cafe located in the side we can see above. Modern day Yi Chun Street runs along the side of the old cinema building where it meets the sea.
But look at the big empty bit of space behind the car. This is the area that now contains Sai Kung Market and the excellently named "Wan King Path". The buildings that exist here now were built in 1975 so I guess we can put the reclamation of this area to the early- to mid-70s. Sharp Island can be seen in the distance.