So, what's up with my Chinese lartern?

We planted this almost two weeks back and it just doesn't look very happy.
Could it be shock?
Too much or too little water? We were watering 3x per week but have backed off.
Appreciate the feedback!

i don't think you're watering it too much. Without knowing any more, I would say this plant needs a good few more weeks to drop the leaves it's going to drop and accustom itself to its new spot, and maybe looks like it's getting more light than it used to. Transplanting a big plant like that is a shock.

Looks like it's burning, maybe to much sun or to much fertilizer.

Transplants often need to be hardened off before placing outside.

Where was it before you planted it?

Maybe offering some shade while it is trying to recover might help, especially in the afternoon heat.

I hope it lives, I really do.  I have one.  It's enormous.  It puts out shoots.  It grows and takes over its space.  If that was my house I would get that tree away from it as fast as I can knowing how big they get.  It's dark so I can't take a picture of mine to show you right now.  Mine is about 6' in diameter and spreading.  It will probably be 10' in diameter in a couple of years if I don't aggressively cut it back.  I'm sure you can visualize what that would do to your foundation and your home.  It might be hard to imagine that when you're wrestling with a struggling plant right now...but imagine success.  It would mean bad things for your house.

I agree with all of the answers you've gotten so far. It does not look like it's gotten too much water, but instead that it is in an area that is hotter and drier than it is used to. Where are you located compared to the hardiness zone of the tree (3 to 9)? Especially if you are on the southern end of that range, it may prefer morning sun and afternoon shade.

They need consistently moist soil while they are young. Mulching the soil under the plant (without letting it touch the truck) would help the soil stay moist and not dry out.

I also very much agree with moving the plant away from the house and into a place where you will be happy with letting it spread. The tree will be happier too.