This is a spent Sky Lantern.
They are usednfor ceramonial purposes and originate in China.
they are used for special occasions and cellebrations including funerals.
Kongming lantern or Chinese lantern, is a small hot air balloon made of paper, with an opening at the bottom where a small fire is suspended.
They can seem to linger and then disappear . The can look as though they are a UFO.
These ornamental devices go back hundreds of years.