Minjee Lee has produced a blazing finish to be right in the mix after the opening round of the LPGA Tour's prestigious BMW Ladies Championship in South Korea.

South African Ashleigh Buhai set a hot pace with a 10-under-par 62 at the $US2.2 million event, widely regarded as women's golf's major of Asia.

But an eagle and three birdies in her last four holes left Lee in hot pursuit just two shots off the lead in a tie for third at eight-under with Japan's Ayaka Furue.

Striving to complete a rare family winning double after younger brother Min Woo scored a record-breaking victory at the Macau Open on Sunday, Lee racked up seven birdies in total, plus the eagle, on Thursday.

Playing the final four holes in an extraordinary five-under, Lee backed up the eagle on 15 with birdies on 16, 17 and a tap-in at 18 to sign for a 65 at the Seowon Valley Country Club, where 17 of the world's top 20 players have assembled.

Fellow Australians Steph Kyriacou (68), Sarah Kemp (69) and Hannah Green (69) are also in contention, while Grace Kim (72) has ground to make up after crashing late in an even-par round.

But it is Buhai who they must all catch.

The reigning Australian Open champion and 2022 British Open winner collected 10 birdies, including three in a row on both the front and back nines, to claim a one-stroke first-round lead over American Alison Lee.

The 34-year-old surprised even herself in her first tournament back from a five-week layoff with a back injury.

"I've had one week of practice coming into here and my goal for this week was to play with no expectations," Buhai said.

One shot behind Lee and Furue, China's world No.2 Ruoning Yin shares fifth place at seven-under with England's Jodie Ewart Shadoff, Swede Maja Stark and Korean Hae Ran Ryu on a star-studded and truly cosmopolitan leaderboard.

France's 2023 major winner Celine Boutier is one shot further back in joint ninth spot, one stroke ahead of New Zealand's defending champion Lydia Ko.