Oct. 19 (Bloomberg) -- Poly Real Estate Group Co. led declines by property developers on speculation the nation’s home prices will decline further as the government maintains its tight monetary policies.

Poly, China’s second-biggest developer by market value, lost 1.5 percent to 8.80 yuan as of 1:31 p.m. in Shanghai. Gemdale Corp slid 1.1 percent to 4.60 yuan. Societe Generale SA said home prices may fall up to 20 percent and that it may take several more months before China starts relaxing tightening policies, according to a report from Wei Yao, an economist at the French bank.

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