The story of the MD65 along with many other lathes can be obtained from the 'Lathes.Co.UK' site
From what I can deduce, it's an old machine and woefully short of a variety of speeds. In original configuration, of course.
As for Chinese lathe in question, Warco is only one firm who re-badges it. If it is old especially you might run the risk of circuit board failures. Certainly, I had recent problems with a new mill attachment on my much older SiegC4 from Axminister. Fortunately, it was covered in the warranty and all is well.
Somewhere in the recent past, I was offered something similar to the Warco mentioned for £350 locally.
So where would I go in your circumstances assuming that you are a beginner? Frankly, I'd not go for either.
I'd go for a good old Myford ML7 which will run quite happily on a quarter horse motor pulled out of scrap washing machine. My mate of 92 years is running a Myford ML7-R on one and does clockmaking etc.
Again, I have an old Myford Super7B and a little Myford ML10. The latter was pretty true having been re-furbished and with a host of goodies at a keen £600 whereas, I bought a bigger SiegC4 for £350 but had or I wanted a four jaw independent chuck, a 4 saw SC one and a faceplate as well as a fixed steady.
Contrary to many, I've studiously gone may own way and I can interchange Myford and Sieg parts from one machine to another. I can also swop parts from any one of them to my Warco mill drill and onto a variety of tool and cutter grinders.
To illustrate what can be done, I was offered a Myford ML7-R which is almost a Super 7 complete with chucks etc for a knock down price of £800 and that lathe was almost brand new and could be sharply contrasted with 'new' Super7 with no accessories for the staggering £3500 from Myford.
Relative 'bargains' can be obtained and I hope my exploits give some idea of what can be done.
I missed the ML7-R by a day and it pays to be like the Irish gypsies and travel with a horse's collar of money.
So think again, take more advice than mine- and Good Luck
Norman