diff --git a/cputlb.c b/cputlb.c
index 0399172..a2264a3 100644
--- a/cputlb.c
+++ b/cputlb.c
@@ -254,7 +254,7 @@ void tlb_set_page(CPUArchState *env, target_ulong vaddr,
     }
 
     sz = size;
-    section = address_space_translate_for_iotlb(&address_space_memory, paddr,
+    section = address_space_translate_for_iotlb(env->as, paddr,
                                                 &xlat, &sz);
     assert(sz >= TARGET_PAGE_SIZE);
 
@@ -327,7 +327,7 @@ tb_page_addr_t get_page_addr_code(CPUArchState *env1, target_ulong addr)
         cpu_ldub_code(env1, addr);
     }
     pd = env1->iotlb[mmu_idx][page_index] & ~TARGET_PAGE_MASK;
-    mr = iotlb_to_region(&address_space_memory, pd);
+    mr = iotlb_to_region(env1->as, pd);
     if (memory_region_is_unassigned(mr)) {
         CPUState *cpu = ENV_GET_CPU(env1);
         CPUClass *cc = CPU_GET_CLASS(cpu);
diff --git a/exec.c b/exec.c
index 0162eb3..acbd2e6 100644
--- a/exec.c
+++ b/exec.c
@@ -129,6 +129,7 @@ static PhysPageMap next_map;
 
 static void io_mem_init(void);
 static void memory_map_init(void);
+static void tcg_commit(MemoryListener *listener);
 
 static MemoryRegion io_mem_watch;
 #endif
@@ -361,6 +362,25 @@ CPUState *qemu_get_cpu(int index)
     return NULL;
 }
 
+#if !defined(CONFIG_USER_ONLY)
+void cpu_address_space_init(CPUState *cpu, AddressSpace *as)
+{
+    CPUArchState *env = cpu->env_ptr;
+
+    if (tcg_enabled()) {
+        if (cpu->tcg_as_listener) {
+            memory_listener_unregister(cpu->tcg_as_listener);
+        } else {
+            cpu->tcg_as_listener = g_new0(MemoryListener, 1);
+        }
+        cpu->tcg_as_listener->commit = tcg_commit;
+        memory_listener_register(cpu->tcg_as_listener, as);
+    }
+
+    env->as = as;
+}
+#endif
+
 void cpu_exec_init(CPUArchState *env)
 {
     CPUState *cpu = ENV_GET_CPU(env);
@@ -380,6 +400,7 @@ void cpu_exec_init(CPUArchState *env)
     QTAILQ_INIT(&env->breakpoints);
     QTAILQ_INIT(&env->watchpoints);
 #ifndef CONFIG_USER_ONLY
+    cpu_address_space_init(cpu, &address_space_memory);
     cpu->thread_id = qemu_get_thread_id();
 #endif
     QTAILQ_INSERT_TAIL(&cpus, cpu, node);
@@ -409,9 +430,10 @@ static void breakpoint_invalidate(CPUState *cpu, target_ulong pc)
 #else
 static void breakpoint_invalidate(CPUState *cpu, target_ulong pc)
 {
+    CPUArchState *env = cpu->env_ptr;
     hwaddr phys = cpu_get_phys_page_debug(cpu, pc);
     if (phys != -1) {
-        tb_invalidate_phys_addr(&address_space_memory,
+        tb_invalidate_phys_addr(env->as,
                                 phys | (pc & ~TARGET_PAGE_MASK));
     }
 }
@@ -1717,10 +1739,6 @@ static MemoryListener core_memory_listener = {
     .priority = 1,
 };
 
-static MemoryListener tcg_memory_listener = {
-    .commit = tcg_commit,
-};
-
 void address_space_init_dispatch(AddressSpace *as)
 {
     as->dispatch = NULL;
@@ -1755,9 +1773,6 @@ static void memory_map_init(void)
     address_space_init(&address_space_io, system_io, "I/O");
 
     memory_listener_register(&core_memory_listener, &address_space_memory);
-    if (tcg_enabled()) {
-        memory_listener_register(&tcg_memory_listener, &address_space_memory);
-    }
 }
 
 MemoryRegion *get_system_memory(void)
diff --git a/include/exec/cpu-defs.h b/include/exec/cpu-defs.h
index 01cd8c7..406b36c 100644
--- a/include/exec/cpu-defs.h
+++ b/include/exec/cpu-defs.h
@@ -176,6 +176,9 @@ typedef struct CPUWatchpoint {
     sigjmp_buf jmp_env;                                                 \
     int exception_index;                                                \
                                                                         \
+    /* Per CPU address-space.  */                                       \
+    AddressSpace *as;                                                   \
+                                                                        \
     /* user data */                                                     \
     void *opaque;                                                       \
 
diff --git a/include/exec/exec-all.h b/include/exec/exec-all.h
index 6129365..61770ee 100644
--- a/include/exec/exec-all.h
+++ b/include/exec/exec-all.h
@@ -95,6 +95,7 @@ void tb_invalidate_phys_page_range(tb_page_addr_t start, tb_page_addr_t end,
 void tb_invalidate_phys_range(tb_page_addr_t start, tb_page_addr_t end,
                               int is_cpu_write_access);
 #if !defined(CONFIG_USER_ONLY)
+void cpu_address_space_init(CPUState *cpu, AddressSpace *as);
 /* cputlb.c */
 void tlb_flush_page(CPUArchState *env, target_ulong addr);
 void tlb_flush(CPUArchState *env, int flush_global);
diff --git a/include/exec/softmmu_template.h b/include/exec/softmmu_template.h
index 69d856a..1dacb4d 100644
--- a/include/exec/softmmu_template.h
+++ b/include/exec/softmmu_template.h
@@ -119,7 +119,7 @@ static inline DATA_TYPE glue(io_read, SUFFIX)(CPUArchState *env,
                                               uintptr_t retaddr)
 {
     uint64_t val;
-    MemoryRegion *mr = iotlb_to_region(&address_space_memory, physaddr);
+    MemoryRegion *mr = iotlb_to_region(env->as, physaddr);
 
     physaddr = (physaddr & TARGET_PAGE_MASK) + addr;
     env->mem_io_pc = retaddr;
@@ -325,7 +325,7 @@ static inline void glue(io_write, SUFFIX)(CPUArchState *env,
                                           target_ulong addr,
                                           uintptr_t retaddr)
 {
-    MemoryRegion *mr = iotlb_to_region(&address_space_memory, physaddr);
+    MemoryRegion *mr = iotlb_to_region(env->as, physaddr);
 
     physaddr = (physaddr & TARGET_PAGE_MASK) + addr;
     if (mr != &io_mem_rom && mr != &io_mem_notdirty && !can_do_io(env)) {
diff --git a/include/qom/cpu.h b/include/qom/cpu.h
index 7739e00..c1febae 100644
--- a/include/qom/cpu.h
+++ b/include/qom/cpu.h
@@ -186,6 +186,8 @@ struct CPUState {
     uint32_t interrupt_request;
     int singlestep_enabled;
 
+    MemoryListener *tcg_as_listener;
+
     void *env_ptr; /* CPUArchState */
     struct TranslationBlock *current_tb;
     struct GDBRegisterState *gdb_regs;
