Because of its swampy ground and paddy fields, this area used to be called Wong Nai Chung, Valley of Yellow Mud. But now everyone in Hong Kong knows this tower-crowded vale as Happy Valley – the place to come to enjoy the thrill and spill of the races. The British built the racecourse here in the 1840s, looking for a use for the malaria-infested marshes. Now Happy Valley Racecourse is known as one of the most spectacular horse-racing tracks in the world, an island of green in a sea of glittering skyscrapers and towering mountains.

Two of the tallest residential towers in Hong Kong – the appropriately named Highcliff and The Summit – survey its floodlit turf, along with some of the city's more expensive apartments. The focus of attention here, every Wednesday, is the evening race-meet, when tens of thousands of Hong Kongers congregate in the stadium's terraces to cheer on their favourite.

The price of entry is reasonable, the food and beer inexpensive, and the spectacle enthralling. It's a noisy, excitable and friendly crowd that'll greet you when you pass through the entrance. And you can't avoid the feeling that those throwing their betting slips to the ground enjoy it, almost as much, as those whooping in celebration.

Outside of Wednesday nights, Happy Valley is still a big attraction. As one of the few slices of flat land in a very vertical city, the inside of the race-ground is given over to rugby, football and hockey pitches, which are open to the public.

But it's not just sports that pull in the visitors – Happy Valley is also home to most of Hong Kong's diverse cemeteries. There is a Jewish Cemetery, a Muslim one and a Parsee one, one for Catholics at St Michael's Cemetery and even a Hindu Cemetery. It all makes for an interesting stroll, especially as this is one of the few open spaces that isn't a mountain-side.

Being a well-to-do neighbourhood, the area is packed with first-class restaurants and luxury stores. Which is just as well, if you are lucky enough to win big on the races.