The 36-year-old two-time winner of joint-sanctioned events carded a final round of three-under 67, despite a closing bogey that ultimately proved costly.
It was Chowrasia's fourth top-five finish on the Asian Tour this year and he has also finished in top-10 twice on European Tour.
"I feel my game is coming around and I am playing with much greater confidence," said Chowrasia, who finished at nine-under 271, four shots behind winner Australian Scott Hend (67), who beat Filipino Angelo Que (66) in a play-off after both were tied at 13-under 267.
"I was happy with the way I have finished each round, though the start was somewhat weak," said Chowrasia.
"Of course I made a mistake on the last and ended with a bogey today, otherwise my game is looking good. I am looking forward to playing in Macau next week."
He added, "I felt I had a chance. When I saw the leaderboard after 16 I was two behind (he was playing six groups ahead of the leaders Hend and Marcus Fraser). I had a birdie on 17th and that brought me closer, so obviously I pressed a little bit. But on the 18th, I hit my tee shot left and made a bogey."
Big-hitting Hend holed a five-foot par putt at the 18th green in the first extra hole after Que bogeyed following a poor chip from the greenside at the venerable Hong Kong Golf Club.
It was Hend's sixth Asian Tour victory and his first on the European Tour, which was worth USD 216,660. He joins an illustrious list of Hong Kong Open champions that includes Major winners Bernhard Langer, Greg Norman, Peter Thomson, Tom Watson, Jose Maria Olazabal, Padraig Harrington and Ian Woosnam.
Victory was sweet for the Aussie as he produced a wonderful par save from a plugged lie in the greenside bunker on 18 during regulation play to sign for a closing three-under-par 67 and tie Que on 13-under-par 267 aggregate.
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