This is a Chinese New Year Lantern made using 36 red packets (Ang Pow). It is called "走马灯" (zou ma deng) or "rotating lantern". It rotates when the wind blows.
For this one, I made it using red packets with picture of the God of Wealth 财神爷. I guess it really brought some luck to Mum as she won SGD60 on lottery on the day she put it up.