The modular, factory-produced nature of the construction here makes a given level of quality a lot faster and cheaper. They can automate production of things that ordinarily would need to be constructed on site, they can do easier quality control, and they can devote more engineering effort to modules that get used many times.
(Note that this only applies to the parts that they can actually factory-build. For example, it doesn't apply to the concrete work for the foundations.)
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?
