Without knowing the constituent ingredients of the sausage it is difficult to give exact advice. There are generally two types of chorizo fresh (or cooking chorizo) and cured chorizo.
Fresh or cooking chorizo is made with pork, red wine, smoked paprika and salt (along with some other spices depending on the particular recipe). The alcohol and salt combine as a mild preservative and therefore the sausage will last a little longer than a normal fresh sausage but only a few weeks realistically. As the name and the lack of a long curing process suggests it needs cooking before it can be eaten.
Cured chorizo is made using similar ingredients but uses more salt and sometimes some sodium nitrate and nitrite. The additional chemicals create a much stronger preservative drawing out the moisture and curing the meat so that it can be safely eaten raw when finished.
Cured chorizo develops a darker colour and loses around 30% of it's weight as it hangs whereas the fresh chorizo is likely to go bad if left to hang but this is only general advice and not definitive.
As for hanging locations, sausages normally hang best in cool environments, 15 degrees C max, with a humidity of 60-70%.
Hope this helps.
