HONG KONG - Hong Kong received an opening bid of HK$2.876 billion ($370 million) in an auction for a residential site on Tuesday, the first land sale since the government moved to crack down on speculation in the housing market.

Hong Kong property prices have risen about a third since January last year, fuelled by exceedingly low mortgage interest rates, an influx of foreign capital into Hong Kong's real estate market and low housing supply.

However, some analysts revised their forecasts for the site downwards by up to 10 percent just before the auction as market sentiment was damped by recent developments in the global credit turmoil and government measures to stabilise housing prices and prevent an asset bubble.

The site for sale is expected to fetch about HK$4.55 billion for the government, according to nine analysts polled by Reuters. ($1=HK$7.779)