Here's another variation of paper Chinese New Year lantern that is relatively low cost and easy to do. All you need is just a thicker red cardboard paper. You can print out the template on the red cardboard paper, cut and fold it according to the lines and your lantern is done! Of course, you might want to decorate it with colorful sequins of different shapes to make it more attractive.
Then, cut out the handle from the template here and stick it to the lantern. Lastly, stick the shiny / glossy yellow strips in between the lantern curves and finally stick the yellow tassels around at the bottom of the lantern.
P/S: You may contact firstname.lastname@example.org to purchase the tassels.
DIY Chinese New Year Paper Lantern