New World Shares Surge 16% Amid Bets on More Support From Parent

New World Development Co. shares surged 16% to the highest level in two years on bets the company’s parent may boost its support for the troubled developer.

The stock jumped after the South China Morning Post quoted Henry Cheng, the chairman of New World’s parent Chow Tai Fook Enterprises, as saying his firm will keep pursuing deals that create “win-win outcomes.” Turnover for the Hong Kong-listed shares was about 10 times their three-month average.