Private-public fund mulled to help Japan REITs-media

TOKYO, June 12 (Reuters) - Japan's major real estate firms, banks and the government are planning to set up a 300-500 billion yen ($3.1-5.1 billion) fund to shore up the country's real estate investment trusts by buying bonds issued by them, the Yomiuri newspaper reported on Friday.

Property companies such as Mitsui Fudosan Co (8801.T), top lenders like Mitsubishi UFJ Financial Group (8306.T), and state-backed Development Bank of Japan will contribute to the fund, which is likely to be set up as early as August, the newspaper said.

Japan's real estate investment trusts (REIT) have been suffering sharp falls in property market, and the fund is designed to help stem the negative trend by providing much-needed finance to REITs, the paper said. ($1=97.80 Yen) (Reporting by Taiga Uranaka; Editing by Edwina Gibbs)