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Xiaomi's new sub-brand, Redmi, has launched its first phone: The Redmi Note 7.

As expected, Xiaomi has once again pushed the boundaries of just how much phone you can get for your money. The Redmi Note 7 has a 48-megapixel rear camera, all-around decent specs, and starts at just 999 CNY or $147.

The Redmi Note 7 has a 6.3-inch LCD screen with a tiny, "water drop" notch. It's powered by a Qualcomm Snapdragon 660 and starts with 3GB of RAM and 32GB of storage. It's got a 48-megapixel rear camera, coupled with a 5-megapixel depth sensor, as well as a 13-megapixel selfie camera.

Also on-board: a 4,000mAh battery, fast charging (the fast charger is an extra option that costs only 10 CNY ($1.5)), an IR blaster, a fingerprint scanner on the back, a USB-C connector and (mercifully) a headphone jack.

The phone is launching in China first, starting at 999 CNY ($147) for the 3GB/32GB model. The variant with 4GB/64GB costs 1,199 CNY ($177), while the 6GB/64GB costs 1,399 CNY ($206). Depending on the variant you choose, the phone is available in four colors: Blue, red, black and a purplish "twilight" gradient.

The Redmi Note 7 is not the first phone with a 48-megapixel camera; Huawei Nova 4 and Honor View 20 beat it to the punch. But those phones are far more expensive, with starting price tags of $493 and $436, respectively. With a mid-range processor and lack of some fancy options such as the in-display fingerprint sensor, the Redmi Note 7 makes some compromises in terms of specs, but its price -- for either variant -- still sounds like an absolute steal.

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