A new development has emerged about the Xiaomi Mi 5 before it is even made official. There's word that the device will come with a CN¥ 2,300 ($371 or £242) price tag. Markedly higher than expected, this amount will ultimately reflect the device's top-of-the-line makings. 

Xiaomi is known for charging lower than its competitors, considering what its handsets have to offer. However, this noticeable spike in pricing does not mean trouble; rather, it's the other way around. 

According to reports, the Xiaomi Mi 5 will be powered by a Qualcomm Snapdragon 820 processor, which was discreetly introduced earlier this year. And should it be the power source under the device's hood, the smartphone will be the mightiest flagship out there. Most handsets have the 810 processor unit. 

Things can't get any snappier with its 4 GB RAM onboard, and its 64 GB of built-in storage should be more than sufficient.

It is said that the handset will come with a 5.7-inch Quad HD display, with Corning Gorilla Glass 3 crusted on it, while some say it's 5.2 inches. It is also said that it will get a bigger counterpart called Mi 5 Plus, which will measure 6 inches. The pair of new smartphones will make use of a fingerprint sensor as its biometric measure and will come packaged in bezel-less metal bodies.

Rumor mills' specs sheet sees the Xiaomi Mi 5 donning Android Lollipop, presumably the stock version, as well as a 16-megapixel (some say 20) rear-facing shooter and a 4-megapixel front-facing snapper. To complete the sizeable package, users are looking at a 3000 mAh battery for the device as well.

The Xiaomi Mi 5 is said to hit the market November this year and as this release date nears, tech enthusiasts can expect more details, leaks and rumors about the much-awaited handset.