S'pore-based Wearnes' Chinese affiliate sells Porsche dealerships, move surprises observers

SINGAPORE - StarChase Motorsports, an affiliate of Singapore-based multi-franchise motor group Wearnes-StarChase, has completed the sale of its Porsche dealership business in China - a move that has taken some observers by surprise.

In an announcement to shareholders last month, China MeiDong said StarChase Motorsports posted 2021 revenue of 6.41 billion yuan, and net profit of 268.3 million yuan - more than double the 2019 net results.Two years ago, StarChase also pared down its motor operations in Indonesia. Whether the recent deals have implications for the business in Singapore is unknown, although various sources at Wearnes do not think so.

Wearnes' previous owner United Engineers sold the motor business to StarChase for $455 million in 2014.

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