I met Mr. Kwang in Oct. 2010 in my friend’s farm in Morgan Hill. Mr. Kwang has a 50 acres of farm near my friend’s farm. He told me his land banking story .
Mr. Kwang is a first generation immigrant. He came from Hong Kong in 1968. Due to the language barrier, he could not find a job when he came to United States. He used most of his saving to purchase 2.5 acres of farm land in Milpitas in 1969. The total price he paid was $4,900. He became a farmer to grow vegetable and flowers. 10 years later, a builder bought his 2.5 acres of land and paid him over 20 times more than what he paid in 1969. The money he made from the 2.5 acres of farm land was much more than the money he made by growing vegetable and flowers. Since then, Mr. Kwang continued to buy and hold many acres of land in the growth path of population center. He sold a couple of parcels of his farm land in the past 44 years and now he is a multi-millionaire.