Meizu E3 probably will be the most reasonable alternative to Xiaomi Redmi Note 5 for similar price. Both phones as nearly all mid-range phones are affordable, but in topic of specification we shouldn't expect that we will receive high-end processors or big amount of RAM. However, Meizu E3 looks interesting as for device which will cost around 300$, but we will have to wait a bit longer for the moment when the phone will be officially presented, because Meizu postponed official presentation of this phone for 21st of March.
Meizu E3 will probably will have 5,99-inch display with 18:9 aspect ratio and FullHD+ resolution, dual camera setup on back with 12mpx and 20mpx lenses, 8mpx front camera, 4GB or 6GB of RAM, 32/64/128GB of internal storage, 3300mAh battery and processor made by MediaTek, but it's not sure if Meizu will decide to use Helio P70 or Helio P38.