Not much to say about ths scary looking 12 foot high deity. I think it is Bodhisattva Maitreya, the future successor of Gautama Buddha. Mahāyāna Buddhism is based principally upon the path of a bodhisattva. According to Jan Nattier, the term Mahāyāna ("Great Vehicle") was originally even an honorary synonym for Bodhisattvayāna, or the "Bodhisattva Vehicle." The Aṣṭasāhasrikā Prajñāpāramitā Sūtra contains an simple and brief definition for the term bodhisattva, which is also the earliest known Mahāyāna definition. This definition is given as the following.
"Because he has enlightenment as his aim, a bodhisattva-mahāsattva is so called."
Mahāyāna Buddhism encourages everyone to become bodhisattvas and to take the bodhisattva vows. With these vows, one makes the promise to work for the complete enlightenment of all sentient beings by practicing the six perfections. Indelibly entwined with the bodhisattva vow is merit transference.
In Mahāyāna Buddhism life in this world is compared to people living in a house that is on fire. People take this world as reality pursuing worldly projects and pleasures without realising that the house is on fire and will soon burn down (due to the inevitability of death). A bodhisattva is one who has a determination to free sentient beings from samsara and its cycle of death, rebirth and suffering. This type of mind is known as the mind of awakening (bodhicitta). Bodhisattvas take bodhisattva vows in order to progress on the spiritual path towards buddhahood.