I spotted this tree in the weekend (not sure if it’s still there). It is decorated in red and white as it is part of Project Martenitza which promotes the Moldovan tradition of celebrating March 1st.
According to the website:
“Bulgarian artist Marian Milanov decorates trees in white and red at the central squares of Bulgarian cities since 1992. At 1-st of March 2011 for a first time martenitza-trees will greet the residents of Brisbane, Australia, Auckland and Christchurch – New Zealand, and Valladolid Spain”. Source: http://www.martenitza.org