I'm shocked that they'd choose the 3M liquid (Novec 7000 Engineered Fluid, 1-methoxyheptafluoropropane). It is at least 100 times more expensive than using a light oil. And even that is far more expensive than if they reduced the physical packing density of the miners and air cooled them like in any conventional datacenter with ambient/evaporative cooling. So I'm surprised to see them claim that their reduce floor space (and saving on rent) is the more economical option. Especially since the entire 'mine' will be irrelevantly inefficient within 12 months and won't be worth the electricity bill. Good for them though, the rest of us can only dream of having that kind of capital.
They are in hong kong, and not mainland china. I think rent saving is a big issue there... Also with evaporative cooling you could get away with higher overclock levels. The company that built this sort off specializes in evaporative cooling... so they probably have some cozy relationship with 3M... Also i doubt if asicminer will mine with those chips forever... when their next gen chips are made... they will simply sell these old boards overpriced and replace the datacenter with the new ones.
The company that built this also did a similar thing with FPGA mining cluster in the past
http://www.allied-control.com/immersion-1/technical-details