Japan's Orix to step up property investment -media

TOKYO (Reuters) - Orix Corp 8591.T, Japan's top general leasing company, has decided to invest 300 billion yen ($2.83 billion) in office buildings, condominiums and hotels in Japanese cities in 2008, a Japanese daily said on Sunday.

Orix plans to boost real estate investment this year to three times its level of about 100 billion yen in typical years, business daily Nikkei said.

The leasing company decided domestic property prices were comparatively cheap after subprime mortgage loan problems limited investment by funds from outside Japan, Nikkei said.

Orix plans to use its own funds to invest in real estate in the country’s three main cities, Tokyo, Osaka and Nagoya.

It would hold the real estate for the long term, the newspaper said.

($1=106.12 yen)

Reporting by Chikafumi Hodo; Editing by Alan Raybould