UPDATE 1-Golf-Mickelson holds off Els to win HSBC Champions

* Mickelson wins title for second time

* Els shoots course record but comes up short

* Calamitous front nine ends Woods challenge (adds quotes)

By Nick Mulvenney

SHANGHAI, Nov 8 (Reuters) - World number two Phil Mickelson held off a charging Ernie Els to win the WGC-HSBC Champions by a shot on Sunday for his second success in three years at the $7 million tournament.

The American shot a three-under-par 69 in a dramatic fourth round to finish 17-under for the tournament and pick up his second World Golf Championship (WGC) title and a cheque for $1.2 million.

"To finish the year with this win feels wonderful," said Mickelson, who won his first WGC event at the CA-Championship earlier this year.

"Ernie hit one of the great rounds today ... it feels terrific because I had to fight all of the way, none of it was easy."

The final day had been billed as a shootout between the top two in the world but after number one Woods faltered early on, it was Els who threatened to stop Mickelson reclaiming the title he won in 2007.