It's possible, but China doesn't exactly have a good record regarding this, as their experience with the recent Sichuan earthquake proved. I'd definitely be wary of living in this building. Sure, on paper, I'm sure the building is structurally sound. But who know how many corners were cut during the process of construction to meet schedule pressure?
I'm skeptical, but with enough pre-planning and enough people, I think it is possible to build a quality building in this way.