This past week Chinese smartphone manufacturer Xiaomi unveiled its latest flagship device called the Mi 5. With this device, Xiaomi aims to strengthen its grip on one of the world's biggest smartphone market.

Xiaomi is known for releasing devices that are powerful, but with extremely low prices and the Xiaomi Mi 5 is no exception.

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Unveiled at the 2016 Mobile World Congress in Barcelona, Spain, the Xiaomi Mi 5 will go on sale in China on March 1. Xiaomi said that it will also release the device in India and other countries, but the company did not provide a specific timeline.

Xiaomi devices are currently not available in the United States and Europe. The Chinese company has not revealed whether it plans to extend its products to these regions soon.

Should Xiaomi decide to release the Mi 5 in other markets outside of China, analysts believe that it will rival flagship devices from Samsung and even Apple.

Two versions of the Xiaomi Mi 5 will be released. The premium model, the Mi 5 Pro, sports a ceramic body, 125GB of storage space, 4GB of RAM and will have a price tag of $413. The entry-level model has a glass body, 32GB of storage space, 2GB of RAM and will cost $305.

In a statement, Xiaomi vice president of international operations said, "This is basically ahead of the pack in many ways when it comes to flagship devices. You're looking at a third to a half of the price that you would expect to pay for another flagship device with similar capabilities."

In terms of hardware specs, the Xiaomi Mi 5 has a 5.15-inch screen with a fingerprint sensor located on the lower front of the device. All models of the Mi 5 has a Qualcomm Snapdragon 820 processor and 16-megapixel rear-facing camera.

Both the premium and basic models of the Xiaomi Mi 5 flagship smartphones are available in three colors; black, gold and white.

TagsXiaomi, Xiaomi Mi 5, Mi, MI 5, Xiaomi Mi 5 specs, Mi 5 news, Mi 5 release date, Mi 5 price