Alan, funny you should mention unbranded Chinese import. I looked at modelling lathes 18 months ago at the Harrogate model engineering show and I saw 5 lathes that were identical except for the colours and stickers, obviously all of Chinese origin.
I settled on one from Chester Engineering, as they offered the best deal, and bought one. Mine is probably a bit big though if you are looking at being able to put it away. Have a look here:
http://www.chesteruk.net/
If you want a small unit that can pack away easily one of the most versatile would have to be the Unimat. I replaced my Unimat with the Chester though as it would not do enough that I wanted it to but it is small and compact and can be built into a box easily enough. I think it's biggest failing is the fact that it used belt drives that are basically 'O' rings that don't last five minutes.
This is the model I had:
http://www.emcomachinetools.co.uk/em...es/unimat4.htm
The big advantage with the Unimat is that they are very common so spares (drive belts!!), accesories and after sales service is easy to get hold of. If space is you prime concern then a Unimat is worth considering but if you can stretch to a bit of a bigger machine I would go for something like the Chester Cobra.