In my opinion, it's plausible.
Although your question touches upon figures from 600 feet, those generally cover the time for a normal parachute to open when falling out of a plane.
In the case of the video posted (I've not seen the film), Chow appears to be BASE jumping. This involves packing the parachute to allow it to open sooner. In these cases, it's possible to fall and land safely within 100 feet or so:
He's obviously not upright when he falls, so we need to allow a little time for this. From http://www.greenharbor.com/fffolder/questions.html:
If a human were to jump from 100 feet about ground level, it would take about 2.5 seconds before they hit the ground.
2.5 seconds should be enough for him to spin around, deploy the parachute, slow his descent to a safe speed, and still have 235 feet to play with. With enough warm air currents (such as those generated by air conditioning units in the middle of a desert), there should be no reason why he can't then glide onwards.