The Chinese legend of the Nian.

In Chinese mythology Nian was a ferocious monster with sharp teeth and horns. People were so afraid of him that they would leave their village always right before the New Year to hide in the mountains. 

One year, as villagers were preparing to leave to escape the monster, a wise old man dressed as a beggar came into the town. At first, nobody paid attention to him, expect for one woman who was so kind to give him food. He asked to stay at her house and would, in return, scare the monster away. In her hurry to leave before Nian destroyed the village, she agreed to let him stay at the house and then left with the rest of the villagers. 

When the villagers all returned the next day, they found their houses untouched. Looking at her house, the woman saw red banners in her windows, burned bamboo in the yard and lanterns in the windows. The old man had frightened Nian as he had promised, with fire, the color red and loud noises.