Yes, that is what appears to be the lower half of a shapely female… and yes, it is rotating. According to Netease, this is an unfinished mascot for a theme park located in Chongqing called… “LOVE LAND.” Construction has just begun, but wily netizens leaked the video to the internet. Most people found it way too explicit and somewhat vulgar. Go figure!
UPDATE: According to China Daily, this is a sex theme park:
Love Land will open in October in the entertainment zone near the Yangtze River in Chongqing
Lu Xiaoqing, park manager, said Love Land would be useful for sex education and help adults “enjoy a harmonious sex life”.
It will contain an exhibition about sex, including its history and practice in other countries, anti-AIDS measures and the proper use of condoms.