Rashid, who held sole lead at the halfway stage, had seven bogeys, four of them on the front nine, and even three birdies between 12th and 16th failed to get his challenge going. Rashid (76) ended at one-over 289.
Veteran Malaysian Chia held on despite a nightmarish finish of four bogeys on back including three in a row from 15th to 17th to total three-under 285 win by two shots over Liang Wen-chong (76), who himself bogeyed the last three holes to total one-under 287.
Rashid and Adilson da Silva of Brazil, who shot 72, were tied for third at one-over 289.
Of the other Indians Himmat Rai (74) was tied 20th, Gaganjeet Bhullar (74) was tied 23rd, while S Chikka (72) was tied 27th and Chiragh Kumar (75) finished tied 42nd.
Also Read
Chia, who started the day in second placed at four-under and one shot behind Liang, was on fire at the start. He opened with a birdie and added two more on fourth and fifth.
Rashid had four bogeys on front nine and from three-under overnight he went to one-over and became two-over with the day's fifth bogey at 10th.
The back nine was also dramatic, as Chia bogeyed four times and Liang bogeyed the 11th and then birdied 13th and 15th to come back into contention before three bogeys in a row took the trophy away from him. Rashid had birdies on 12th, 15th and 16th but bogeys on 14th and 18th ruined whatever chances he may have had.