Xiaomi Redmi Note has been launched in China which is basically a Chinese version of Lenovo S898T. Specifications include a 5.3 inch display with a resolution of 1280×720 pixel resolution, a MediaTek 8-core processor clocked at 1.4 GHz backed by 1 GB of RAM and 8 GB of internal flash storage that is expandable through micro SD card. All this for USD 129 but there is another model that goes for $159 which gives you 2 GB of RAM and 16 GB for storage.
Interestingly Lenovo also sells S898T for $126 in China which is same as Xiaomi Redmi Note. Xiaomi has equipped it with a 3200 mAh battery and at 7.9mm, it is relatively thin and also made very compact by design. So far, only one TD-SCDMA model China is planned.
So even if you import one into your country it would not work as it has Chinese GSM bands.