Xiaomi Mi3 specs, review and news: It comes at a premium price, even for a fast-growing economy like China, $327 could be equal to a month’s wages. But despite that the Xiaomi Mi3, the latest from electronics manufacturer Xiaomi, sold 100,000 units in breakneck speed. ZDNet is reporting that the company is forecasting very strong sales record for the flagship. Is the Xiaomi Mi3 the iPhone killer in China?

According to TechWeb report, the phone was sold out 86 seconds after it was launched on October 15. The device features a Tegra 4 quad-core CPU and 5-inch full-HD screen and and is being sold at 1,999 Yuan or $327. The Xiaomi Mi3 was first launched by company CEO Lei Jun, who many are hailing as the Steve Jobs of China. Mi3 has been considered the model with the highest capacity-price ration in the market.

In a report by GizChina, it is reported that the WCDMA version of the Mi3 is coming soon. It was alleged that a Mi3 sold as a WCDMA on eBay was not only overpriced, but also fake. Despite it being a hoax, the unit was sold and saw demand.

According to reports, due to the great demand for the Xiaomi Mi 3, some customers have approached scalpers for a unit, some of whom even claiming to deliver the Mi3 on October 15 for an augmented price, $164 more than the retail price. Beijing Business reported that most scalpers would not reveal where the device has been sourced out but noted that the extra price is for the cost of having to hire someone to order it.

The Xiaomi Mi3 has specs that is very competitive to its Western counterparts. Aside from the display, it has also an under the hood that gives consumers options for a processor of their choice (Nvidia Tegra 4 or Qualcomm Snapdragon 800).

Xiaomi Mi 3 runs on Xiaomi’s Android-based system, MIUI, which has over 20 million hardware users.

The manufacturer of the device, Xiaomi, has surpassed Apple as the market leader in the lucrative Chinese market. The company has created a production process that allows them to sell units in 100,000 batches, integrating new updates along the way in newly produced hardware units which is then sold every Tuesday noon.