In a speech delivered in Hamilton, Mr Peters this time took aim at the newly announced plans by Mataura Valley Milk to build a $200 million nutritional milk powders manufacturing plant at McNab, about 5km north of Gore, in Southland.
The company is majority owned by Chinese company China Animal Husbandry Group, with 20% of the company to be held by Southland dairy farmers who will supply the plant.
About 100 new jobs will be created by the plant, on which construction is expected to start in October.
Mr Peters said New Zealand First welcomed overseas investment when the controlling interests were held by New Zealanders.
``It is economic lunacy to give over control of our wealth to foreign interests.''
The NZ First leader has been running a campaign against Dunedin meat processor Silver Fern Farms' plans to have a 50% joint venture with Chinese company Shanghai Maling.
Opponents of the deal have forced a special meeting to be held in Dunedin this week.
Since August last year, Mr Peters has issued more than 20 press releases condemning SFF's proposed alliance with Shanghai Maling.
In his latest release, Mr Peters said shareholders in SFF should be demanding resignations over the ``shameful way'' their co-operative was being sold out from underneath them for a ``paltry'' $57 million.
``This deal smells worse than a rendering plant without odour controls.''
For $50 million, plus another $7 million to meet the co-operative's director fees and related costs into the future, Shanghai Maling-Bright Food got to: hire or fire the chief executive, approve the annual budget and cash flow, set the strategic plan and decide if there even would be a dividend payment, he said.
That was a lot for not very much when the chairman would also be appointed by Shanghai Maling and the Chinese company would hold the casting vote.
``Only when they have these controls will a promised $261million be invested but that could easily be reversed or used to `invest in developing the Chinese market'.
``The spiteful notice of meeting sent out to shareholders presents no legal opinion that says selling 50% of a $600 million co-op is not a major transaction as defined by law.''
If SFF did fall into Chinese control, there was no analysis of the risk Chinese control posed to SFF's lucrative beef exports to the United States and Asean countries.
Hitching up to the Chinese market became a major liability and if there was any doubt about that, SFF shareholders should go and ask Fonterra farmers, Mr Peters said.
SFF declined to comment directly on Mr Peters' claims, instead referring the Otago Daily Times to the notice of meeting sent out to shareholders.
In the notice, chairman Rob Hewett said the merits of the partnership between SFF and Shanghai Maling had not changed. If anything, the imperatives and potential benefits for SFF had increased.
Mataura Valley Milk declined to comment.
Continuing the anti-Chinese theme in his speech, the NZ First leader said China had not been happy with New Zealand inquiries into a glut of Chinese steel imports flooding the market and threatened retaliatory measures against New Zealand trade by warning it would slow the flow of dairy, wool and kiwifruit exports.
Melamine, Chinese steel on New Zealand motorways, asbestos trains bouncing off rail tracks and a billion-dollar threat to New Zealand's dairy and horticulture industry were all predictable events except to New Zealand's political and economic leadership.
``How ordinary New Zealanders are meant to react to the appalling failures of both must surely be at issue.''
It was time for Prime Minister John Key's Government to demand China abide by international trade rules and state that New Zealand would not be bullied, Mr Peters said.
