Yes your eyes are not deceiving you – there is an excavactor on top of this high rise, demolishing it.
Only in China would we see something like this. More on the story at the link below.
It would appear a majority of the building was built off site in panels that were lifted into place, a practice that is likely to become much more common in the near future. A 6 minute time lapsed video can be viewed here.
Thanks to Gizmodo.com for the original article.