Nikkei flat, dragged down by property and banks

(Updates to midday)

TOKYO, April 9 (Reuters) - Japan's Nikkei average was flat on Wednesday, giving up earlier gains as Tokyu Land Corp (8815.T: Quote, Profile, Research, Stock Buzz) and other property firms tumbled on a weak property outlook and banks were sold on credit fears. Funai Electric Co Ltd (6839.OS: Quote, Profile, Research, Stock Buzz) surged 8.7 percent after Philips Electronics (PHG.AS: Quote, Profile, Research, Stock Buzz) said it will transfer its struggling North American television business to the Japanese electronics maker. [ID:nL08832352]

The benchmark Nikkei .N225 was down 0.04 percent at 13,245.28, while the broader TOPIX slipped 0.6 percent to 1,275.55.

(Reporting by Elaine Lies)