HK Organisers train of thought....

'We have a great outdoor space where we like not only to showcase local artists shizzle, but also celebrate holidays throughout the year with giant displays for the public to enjoy. Its Christmas nearly. Lets put up a GIANT RABBIT.'

To be fair, they did chuck in a couple of penguins to evoke a more Christmassy mood.
As well as a couple of Halloween-esque characters.
I do believe the artist behind this is Taiwanese illustrator / author Jimmy Liao.
I kind of admire his vision to thoroughly mix it up and cram all the holidays into one giant display during the festive season, makes a refreshing, even if confusing, change from the traditional santa spew.