老 + Noun / Subject + 很 + 老
老 (lǎo) is an adjective and prefix meaning "old," "aged," or "venerable." Beyond describing age, it is widely used as a prefix to express familiarity, respect, or endearment, as in 老师 (teacher) or 老人 (elderly person). In the compound 圣诞老人 (Santa Claus), 老 contributes to the respectful characterization of the figure.
我家附近有一棵很老的大树。
Wǒ jiā fùjìn yǒu yì kē hěn lǎo de dà shù.
There is a very old big tree near my home.
这座老房子已经有一百多年的历史了。
Zhè zuò lǎo fángzi yǐjīng yǒu yìbǎi duō nián de lìshǐ le.
This old house already has over a hundred years of history.
圣诞老人是小朋友们最喜欢的角色。
Shèngdàn lǎorén shì xiǎopéngyoumen zuì xǐhuan de juésè.
Santa Claus is children's favorite character.