diff --git a/docs/about/build-platforms.rst b/docs/about/build-platforms.rst
index 1958edb4305..ebde20f9815 100644
--- a/docs/about/build-platforms.rst
+++ b/docs/about/build-platforms.rst
@@ -88,7 +88,7 @@ Windows
 
 The project aims to support the two most recent versions of Windows that are
 still supported by the vendor. The minimum Windows API that is currently
-targeted is "Windows 7", so theoretically the QEMU binaries can still be run
+targeted is "Windows 8", so theoretically the QEMU binaries can still be run
 on older versions of Windows, too. However, such old versions of Windows are
 not tested anymore, so it is recommended to use one of the latest versions of
 Windows instead.
diff --git a/include/qemu/cutils.h b/include/qemu/cutils.h
index d3e532b64c8..92c436d8c70 100644
--- a/include/qemu/cutils.h
+++ b/include/qemu/cutils.h
@@ -224,9 +224,21 @@ const char *qemu_get_exec_dir(void);
  * @dir: the directory (typically a `CONFIG_*DIR` variable) to be relocated.
  *
  * Returns a path for @dir that uses the directory of the running executable
- * as the prefix.  For example, if `bindir` is `/usr/bin` and @dir is
- * `/usr/share/qemu`, the function will append `../share/qemu` to the
- * directory that contains the running executable and return the result.
+ * as the prefix.
+ *
+ * When a directory named `qemu-bundle` exists in the directory of the running
+ * executable, the path to the directory will be prepended to @dir. For
+ * example, if the directory of the running executable is `/qemu/build` @dir
+ * is `/usr/share/qemu`, the result will be
+ * `/qemu/build/qemu-bundle/usr/share/qemu`. The directory is expected to exist
+ * in the build tree.
+ *
+ * Otherwise, the directory of the running executable will be used as the
+ * prefix and it appends the relative path from `bindir` to @dir. For example,
+ * if the directory of the running executable is `/opt/qemu/bin`, `bindir` is
+ * `/usr/bin` and @dir is `/usr/share/qemu`, the result will be
+ * `/opt/qemu/bin/../share/qemu`.
+ *
  * The returned string should be freed by the caller.
  */
 char *get_relocated_path(const char *dir);
diff --git a/include/qemu/osdep.h b/include/qemu/osdep.h
index b1c161c035a..84f8b9d0243 100644
--- a/include/qemu/osdep.h
+++ b/include/qemu/osdep.h
@@ -75,7 +75,7 @@ QEMU_EXTERN_C int daemon(int, int);
 #ifdef _WIN32
 /* as defined in sdkddkver.h */
 #ifndef _WIN32_WINNT
-#define _WIN32_WINNT 0x0601 /* Windows 7 API (should be in sync with glib) */
+#define _WIN32_WINNT 0x0602 /* Windows 8 API (should be in sync with glib) */
 #endif
 /* reduces the number of implicitly included headers */
 #ifndef WIN32_LEAN_AND_MEAN
diff --git a/meson.build b/meson.build
index 9efcb175d16..c49f5ebfc37 100644
--- a/meson.build
+++ b/meson.build
@@ -7,6 +7,8 @@ add_test_setup('quick', exclude_suites: ['slow', 'thorough'], is_default: true)
 add_test_setup('slow', exclude_suites: ['thorough'], env: ['G_TEST_SLOW=1', 'SPEED=slow'])
 add_test_setup('thorough', env: ['G_TEST_SLOW=1', 'SPEED=thorough'])
 
+meson.add_postconf_script('scripts/symlink-install-tree.py')
+
 not_found = dependency('', required: false)
 keyval = import('keyval')
 ss = import('sourceset')
@@ -356,10 +358,12 @@ nvmm =not_found
 hvf = not_found
 midl = not_found
 widl = not_found
+pathcch = not_found
 host_dsosuf = '.so'
 if targetos == 'windows'
   midl = find_program('midl', required: false)
   widl = find_program('widl', required: false)
+  pathcch = cc.find_library('pathcch')
   socket = cc.find_library('ws2_32')
   winmm = cc.find_library('winmm')
 
diff --git a/scripts/symlink-install-tree.py b/scripts/symlink-install-tree.py
new file mode 100755
index 00000000000..59cf7e939f1
--- /dev/null
+++ b/scripts/symlink-install-tree.py
@@ -0,0 +1,34 @@
+#!/usr/bin/env python3
+
+from pathlib import PurePath
+import errno
+import json
+import os
+import subprocess
+import sys
+
+def destdir_join(d1: str, d2: str) -> str:
+    if not d1:
+        return d2
+    # c:\destdir + c:\prefix must produce c:\destdir\prefix
+    return str(PurePath(d1, *PurePath(d2).parts[1:]))
+
+introspect = os.environ.get('MESONINTROSPECT')
+out = subprocess.run([*introspect.split(' '), '--installed'],
+                     stdout=subprocess.PIPE, check=True).stdout
+for source, dest in json.loads(out).items():
+    assert os.path.isabs(source)
+    assert os.path.isabs(dest)
+    bundle_dest = destdir_join('qemu-bundle', dest)
+    path = os.path.dirname(bundle_dest)
+    try:
+        os.makedirs(path, exist_ok=True)
+    except BaseException as e:
+        print(f'error making directory {path}', file=sys.stderr)
+        raise e
+    try:
+        os.symlink(source, bundle_dest)
+    except BaseException as e:
+        if not isinstance(e, OSError) or e.errno != errno.EEXIST:
+            print(f'error making symbolic link {dest}', file=sys.stderr)
+            raise e
diff --git a/util/cutils.c b/util/cutils.c
index 6d04e52907b..8199dac5988 100644
--- a/util/cutils.c
+++ b/util/cutils.c
@@ -35,6 +35,11 @@
 #include <sys/sysctl.h>
 #endif
 
+#ifdef G_OS_WIN32
+#include <pathcch.h>
+#include <wchar.h>
+#endif
+
 #include "qemu/ctype.h"
 #include "qemu/cutils.h"
 #include "qemu/error-report.h"
@@ -1074,31 +1079,52 @@ char *get_relocated_path(const char *dir)
 
     /* Fail if qemu_init_exec_dir was not called.  */
     assert(exec_dir[0]);
-    if (!starts_with_prefix(dir) || !starts_with_prefix(bindir)) {
-        return g_strdup(dir);
-    }
 
     result = g_string_new(exec_dir);
+    g_string_append(result, "/qemu-bundle");
+    if (access(result->str, R_OK) == 0) {
+#ifdef G_OS_WIN32
+        size_t size = mbsrtowcs(NULL, &dir, 0, &(mbstate_t){0}) + 1;
+        PWSTR wdir = g_new(WCHAR, size);
+        mbsrtowcs(wdir, &dir, size, &(mbstate_t){0});
+
+        PCWSTR wdir_skipped_root;
+        PathCchSkipRoot(wdir, &wdir_skipped_root);
+
+        size = wcsrtombs(NULL, &wdir_skipped_root, 0, &(mbstate_t){0});
+        char *cursor = result->str + result->len;
+        g_string_set_size(result, result->len + size);
+        wcsrtombs(cursor, &wdir_skipped_root, size + 1, &(mbstate_t){0});
+        g_free(wdir);
+#else
+        g_string_append(result, dir);
+#endif
+    } else if (!starts_with_prefix(dir) || !starts_with_prefix(bindir)) {
+        g_string_assign(result, dir);
+    } else {
+        g_string_assign(result, exec_dir);
+
+        /* Advance over common components.  */
+        len_dir = len_bindir = prefix_len;
+        do {
+            dir += len_dir;
+            bindir += len_bindir;
+            dir = next_component(dir, &len_dir);
+            bindir = next_component(bindir, &len_bindir);
+        } while (len_dir && len_dir == len_bindir && !memcmp(dir, bindir, len_dir));
+
+        /* Ascend from bindir to the common prefix with dir.  */
+        while (len_bindir) {
+            bindir += len_bindir;
+            g_string_append(result, "/..");
+            bindir = next_component(bindir, &len_bindir);
+        }
 
-    /* Advance over common components.  */
-    len_dir = len_bindir = prefix_len;
-    do {
-        dir += len_dir;
-        bindir += len_bindir;
-        dir = next_component(dir, &len_dir);
-        bindir = next_component(bindir, &len_bindir);
-    } while (len_dir && len_dir == len_bindir && !memcmp(dir, bindir, len_dir));
-
-    /* Ascend from bindir to the common prefix with dir.  */
-    while (len_bindir) {
-        bindir += len_bindir;
-        g_string_append(result, "/..");
-        bindir = next_component(bindir, &len_bindir);
+        if (*dir) {
+            assert(G_IS_DIR_SEPARATOR(dir[-1]));
+            g_string_append(result, dir - 1);
+        }
     }
 
-    if (*dir) {
-        assert(G_IS_DIR_SEPARATOR(dir[-1]));
-        g_string_append(result, dir - 1);
-    }
     return g_string_free(result, false);
 }
diff --git a/util/meson.build b/util/meson.build
index 8f16018cd43..6cacb8689f1 100644
--- a/util/meson.build
+++ b/util/meson.build
@@ -23,6 +23,7 @@ util_ss.add(when: 'CONFIG_WIN32', if_true: files('event_notifier-win32.c'))
 util_ss.add(when: 'CONFIG_WIN32', if_true: files('oslib-win32.c'))
 util_ss.add(when: 'CONFIG_WIN32', if_true: files('qemu-thread-win32.c'))
 util_ss.add(when: 'CONFIG_WIN32', if_true: winmm)
+util_ss.add(when: 'CONFIG_WIN32', if_true: pathcch)
 util_ss.add(files('envlist.c', 'path.c', 'module.c'))
 util_ss.add(files('host-utils.c'))
 util_ss.add(files('bitmap.c', 'bitops.c'))
