Not really a holiday but around this time of the month.. August.. and particular August the 14th its known as Hungry Ghosts or Ghost Month..
Anyway it is said that the lower realms (ie HELL) open up and allow ghosts, spirits and deceased ancestors to roam the earth.. But to chinese folk Hell really means something different.. its seen as some Under world passage or maze where the dead go to make amends for sins they did while on earth.. This is where we chinese burn "hell money" its usually done as a way to send money to the deceased so they can spend it in this "hell"
Around august it is advised to best to lay low and not go out late at night especially young and old or NOT do as much activity as it is feared that it attracts wandering spirits causing disturbances in households and the worst possible case brings death. So most things like construction.. weddings.. usually get put off till the following month..
In the old days chinese folk would offer incense, food and material offerings to appease the spirits.. unfortunately this practise seems to be on the wane as more and more asian folk become westernize (i guess).. So if you see asians/chinese folk performing strange rituals maybe in the street you'll know they are trying to appease the spirits.
