Thought you’ll never see the words “quad-core phone” and “budget-friendly” used in the same sentence? Well, think again, because ZTE is getting ready to release a super-snappy and ultra-cheap Android smartphone… in China.

Yeah, let’s get that out of our systems quickly – the U950 is only scheduled to see the light of day in China for now, though we reckon it’s possible for ZTE to spread its tentacles outside Asia soon. The Chinese release should happen around November 15 and the price sounds unbeatable. 999 CNY translates into around $160 and is an absolute steal for the unlocked, SIM-free flavor of the phone.

The heart of the ZTE U950 will be a quad-core NVIDIA Tegra 3 processor clocked at 1.3 GHz and paired with 1 GB of RAM. That’s definitely not a record-breaking hardware configuration, but at 160 bucks it sounds positively dreamy.

The rest of the specs are more mid-range material and include Android 4.0 ICS, a 5 MP rear-facing shooter, a VGA f ront-facing cam, and 4 GB of internal memory. The 4.3-inch display has a yet to be announced resolution, although we can definitely expect at least qHD (960 x 540 pixels).

Finally, the 2,000 mAh battery sounds at least above average, but that was to be expected, as quad-core processors tend to drain a lot of “juice” out of phones.

As for the handheld’s design, we can definitely say the ZTE U950 is a looker, despite some unusually thick horizontal bezels. No words on the 4.3-incher’s exact measurements and weight, but we shouldn’t expect any unpleasant surprises there.

So, what do you guys think about this brand new ZTE phone? Hot or not? Could it be successful outside Asia too? Should we expect some sort of a “catch” seeing that almost unbelievable price tag?