Simply advertised as "magical Asian being" by Schleich, this model actually depicts Bai Long Ma (白龍馬), a.k.a. White Dragon Horse.
A fabled beast from the Far East, in the classical Chinese novel Journey to the West Bai Long Ma is the steed of Xuanzang, the naive Buddhist monk who embarks on a quest to retrieve some sacred scriptures from India along with his 3 unruly, improbable disciples (and whose main occupation is rescuing him from trouble): the Monkey-King Sun Wukong, the half-pig monster Zhu Bajie, and the river ogre Sha Wujing.
At first I confess I had mixed feelings about this model, but it has certainly grown on me. Now I hope Schleich will make a Qilin too - maybe a whole Asian-inspired new series for their Bayala line (just as this year's new line is "ice & snow" themed).
I still want to buy him one day...