diff --git a/src/plugins/qbsprojectmanager/qbsinstallstep.cpp b/src/plugins/qbsprojectmanager/qbsinstallstep.cpp
index e55c637e069..ec716a5beb0 100644
--- a/src/plugins/qbsprojectmanager/qbsinstallstep.cpp
+++ b/src/plugins/qbsprojectmanager/qbsinstallstep.cpp
@@ -134,10 +134,10 @@ QString QbsInstallStep::installRoot() const
 
 QString QbsInstallStep::absoluteInstallRoot() const
 {
-    const qbs::ProjectData *data = static_cast<QbsProject *>(project())->qbsProjectData();
+    const qbs::ProjectData data = static_cast<QbsProject *>(project())->qbsProjectData();
     QString path = installRoot();
-    if (data && !data->buildDirectory().isEmpty() && !path.isEmpty())
-        path = QDir(data->buildDirectory()).absoluteFilePath(path);
+    if (data.isValid() && !data.buildDirectory().isEmpty() && !path.isEmpty())
+        path = QDir(data.buildDirectory()).absoluteFilePath(path);
     return path;
 }
 
@@ -306,9 +306,9 @@ void QbsInstallStepConfigWidget::updateState()
         m_ui->keepGoingCheckBox->setChecked(m_step->keepGoing());
     }
 
-    const qbs::ProjectData *data = static_cast<QbsProject *>(m_step->project())->qbsProjectData();
-    if (data)
-        m_ui->installRootChooser->setBaseDirectory(data->buildDirectory());
+    const qbs::ProjectData data = static_cast<QbsProject *>(m_step->project())->qbsProjectData();
+    if (data.isValid())
+        m_ui->installRootChooser->setBaseDirectory(data.buildDirectory());
 
     QString command = QLatin1String("qbs install ");
     if (m_step->dryRun())
diff --git a/src/plugins/qbsprojectmanager/qbsnodes.cpp b/src/plugins/qbsprojectmanager/qbsnodes.cpp
index d9c597c9244..8606d73646b 100644
--- a/src/plugins/qbsprojectmanager/qbsnodes.cpp
+++ b/src/plugins/qbsprojectmanager/qbsnodes.cpp
@@ -466,15 +466,14 @@ void QbsGroupNode::setupFolder(ProjectExplorer::FolderNode *root,
 // QbsProductNode:
 // --------------------------------------------------------------------
 
-QbsProductNode::QbsProductNode(const qbs::ProductData *prd) :
-    QbsBaseProjectNode(prd->location().fileName()),
-    m_qbsProductData(0)
+QbsProductNode::QbsProductNode(const qbs::ProductData &prd) :
+    QbsBaseProjectNode(prd.location().fileName())
 {
     setIcon(m_productIcon);
 
-    ProjectExplorer::FileNode *idx = new QbsFileNode(prd->location().fileName(),
+    ProjectExplorer::FileNode *idx = new QbsFileNode(prd.location().fileName(),
                                                      ProjectExplorer::ProjectFileType, false,
-                                                     prd->location().line());
+                                                     prd.location().line());
     addFileNodes(QList<ProjectExplorer::FileNode *>() << idx, this);
 
     setQbsProductData(prd);
@@ -482,22 +481,21 @@ QbsProductNode::QbsProductNode(const qbs::ProductData *prd) :
 
 bool QbsProductNode::isEnabled() const
 {
-    return m_qbsProductData ? m_qbsProductData->isEnabled() : false;
+    return m_qbsProductData.isEnabled();
 }
 
-void QbsProductNode::setQbsProductData(const qbs::ProductData *prd)
+void QbsProductNode::setQbsProductData(const qbs::ProductData prd)
 {
-    Q_ASSERT(prd);
     if (m_qbsProductData == prd)
         return;
 
-    bool productWasEnabled = m_qbsProductData ? m_qbsProductData->isEnabled() : true;
-    bool productIsEnabled = prd->isEnabled();
+    bool productWasEnabled = m_qbsProductData.isEnabled();
+    bool productIsEnabled = prd.isEnabled();
     bool updateExisting = productWasEnabled != productIsEnabled;
 
-    setDisplayName(prd->name());
-    setPath(prd->location().fileName());
-    const QString &productPath = QFileInfo(prd->location().fileName()).absolutePath();
+    setDisplayName(prd.name());
+    setPath(prd.location().fileName());
+    const QString &productPath = QFileInfo(prd.location().fileName()).absolutePath();
 
     // Find the QbsFileNode we added earlier:
     QbsFileNode *idx = 0;
@@ -506,14 +504,14 @@ void QbsProductNode::setQbsProductData(const qbs::ProductData *prd)
         if (idx)
             break;
     }
-    if (idx->update(prd->location()) || updateExisting)
+    if (idx->update(prd.location()) || updateExisting)
         idx->emitNodeUpdated();
 
     QList<ProjectExplorer::ProjectNode *> toAdd;
     QList<ProjectExplorer::ProjectNode *> toRemove = subProjectNodes();
 
-    foreach (const qbs::GroupData &grp, prd->groups()) {
-        if (grp.name() == prd->name() && grp.location() == prd->location()) {
+    foreach (const qbs::GroupData &grp, prd.groups()) {
+        if (grp.name() == prd.name() && grp.location() == prd.location()) {
             // Set implicit product group right onto this node:
             QbsGroupNode::setupFiles(this, grp.allFilePaths(), productPath, updateExisting);
             continue;
@@ -541,7 +539,7 @@ QList<ProjectExplorer::RunConfiguration *> QbsProductNode::runConfigurationsFor(
     Q_UNUSED(node);
     QList<ProjectExplorer::RunConfiguration *> result;
     QbsProjectNode *pn = qobject_cast<QbsProjectNode *>(projectNode());
-    if (!isEnabled() || !pn || pn->qbsProject()->targetExecutable(*m_qbsProductData,
+    if (!isEnabled() || !pn || pn->qbsProject()->targetExecutable(m_qbsProductData,
                                                                   qbs::InstallOptions()).isEmpty()) {
         return result;
     }
@@ -550,7 +548,7 @@ QList<ProjectExplorer::RunConfiguration *> QbsProductNode::runConfigurationsFor(
         QbsRunConfiguration *qbsRc = qobject_cast<QbsRunConfiguration *>(rc);
         if (!qbsRc)
             continue;
-        if (qbsRc->qbsProduct() == qbsProductData()->name())
+        if (qbsRc->qbsProduct() == qbsProductData().name())
             result << qbsRc;
     }
 
@@ -573,14 +571,14 @@ QbsGroupNode *QbsProductNode::findGroupNode(const QString &name)
 
 QbsProjectNode::QbsProjectNode(QbsProject *project) :
     QbsBaseProjectNode(project->document()->fileName()),
-    m_project(project), m_qbsProject(0), m_qbsProjectData(0)
+    m_project(project), m_qbsProject(0)
 {
     ctor();
 }
 
 QbsProjectNode::QbsProjectNode(const QString &path) :
     QbsBaseProjectNode(path),
-    m_project(0), m_qbsProject(0), m_qbsProjectData(0)
+    m_project(0), m_qbsProject(0)
 {
     ctor();
 }
@@ -588,14 +586,12 @@ QbsProjectNode::QbsProjectNode(const QString &path) :
 QbsProjectNode::~QbsProjectNode()
 {
     // do not delete m_project
-    delete m_qbsProjectData;
     delete m_qbsProject;
 }
 
 void QbsProjectNode::update(const qbs::Project *prj)
 {
-    if (prj)
-        update(prj->projectData());
+    update(prj ? prj->projectData() : qbs::ProjectData());
 
     delete m_qbsProject;
     m_qbsProject = prj;
@@ -621,19 +617,19 @@ void QbsProjectNode::update(const qbs::ProjectData &prjData)
     foreach (const qbs::ProductData &prd, prjData.products()) {
         QbsProductNode *qn = findProductNode(prd.name());
         if (!qn) {
-            toAdd << new QbsProductNode(&prd);
+            toAdd << new QbsProductNode(prd);
         } else {
-            qn->setQbsProductData(&prd);
+            qn->setQbsProductData(prd);
             toRemove.removeOne(qn);
         }
     }
 
-    delete m_qbsProjectData;
-    m_qbsProjectData = new qbs::ProjectData(prjData);
     setDisplayName(prjData.name());
 
     removeProjectNodes(toRemove);
     addProjectNodes(toAdd);
+
+    m_qbsProjectData = prjData;
 }
 
 QbsProject *QbsProjectNode::project() const
@@ -651,7 +647,7 @@ const qbs::Project *QbsProjectNode::qbsProject() const
     return m_qbsProject;
 }
 
-const qbs::ProjectData *QbsProjectNode::qbsProjectData() const
+const qbs::ProjectData QbsProjectNode::qbsProjectData() const
 {
     return m_qbsProjectData;
 }
@@ -667,7 +663,7 @@ QbsProductNode *QbsProjectNode::findProductNode(const QString &name)
 {
     foreach (ProjectExplorer::ProjectNode *n, subProjectNodes()) {
         QbsProductNode *qn = qobject_cast<QbsProductNode *>(n);
-        if (qn && qn->qbsProductData()->name() == name)
+        if (qn && qn->qbsProductData().name() == name)
             return qn;
     }
     return 0;
@@ -677,7 +673,7 @@ QbsProjectNode *QbsProjectNode::findProjectNode(const QString &name)
 {
     foreach (ProjectExplorer::ProjectNode *n, subProjectNodes()) {
         QbsProjectNode *qn = qobject_cast<QbsProjectNode *>(n);
-        if (qn && qn->qbsProjectData()->name() == name)
+        if (qn && qn->qbsProjectData().name() == name)
             return qn;
     }
     return 0;
diff --git a/src/plugins/qbsprojectmanager/qbsnodes.h b/src/plugins/qbsprojectmanager/qbsnodes.h
index 672b7a776e8..2070483493b 100644
--- a/src/plugins/qbsprojectmanager/qbsnodes.h
+++ b/src/plugins/qbsprojectmanager/qbsnodes.h
@@ -148,19 +148,19 @@ class QbsProductNode : public QbsBaseProjectNode
     Q_OBJECT
 
 public:
-    explicit QbsProductNode(const qbs::ProductData *prd);
+    explicit QbsProductNode(const qbs::ProductData &prd);
 
     bool isEnabled() const;
 
-    void setQbsProductData(const qbs::ProductData *prd);
-    const qbs::ProductData *qbsProductData() const { return m_qbsProductData; }
+    void setQbsProductData(const qbs::ProductData prd);
+    const qbs::ProductData qbsProductData() const { return m_qbsProductData; }
 
     QList<ProjectExplorer::RunConfiguration *> runConfigurationsFor(Node *node);
 
 private:
     QbsGroupNode *findGroupNode(const QString &name);
 
-    const qbs::ProductData *m_qbsProductData;
+    qbs::ProductData m_qbsProductData;
     static QIcon m_productIcon;
 };
 
@@ -182,7 +182,7 @@ public:
 
     QbsProject *project() const;
     const qbs::Project *qbsProject() const;
-    const qbs::ProjectData *qbsProjectData() const;
+    const qbs::ProjectData qbsProjectData() const;
 
 private:
     void ctor();
@@ -193,7 +193,7 @@ private:
     QbsProject *m_project;
 
     const qbs::Project *m_qbsProject;
-    const qbs::ProjectData *m_qbsProjectData;
+    qbs::ProjectData m_qbsProjectData;
     static QIcon m_projectIcon;
 };
 } // namespace Internal
diff --git a/src/plugins/qbsprojectmanager/qbsproject.cpp b/src/plugins/qbsprojectmanager/qbsproject.cpp
index 89c414976c8..7dda3e3cf47 100644
--- a/src/plugins/qbsprojectmanager/qbsproject.cpp
+++ b/src/plugins/qbsprojectmanager/qbsproject.cpp
@@ -162,8 +162,8 @@ QStringList QbsProject::files(ProjectExplorer::Project::FilesMode fileMode) cons
 {
     Q_UNUSED(fileMode);
     QSet<QString> result;
-    if (m_rootProjectNode && m_rootProjectNode->qbsProjectData()) {
-        foreach (const qbs::ProductData &prd, m_rootProjectNode->qbsProjectData()->allProducts()) {
+    if (m_rootProjectNode && m_rootProjectNode->qbsProjectData().isValid()) {
+        foreach (const qbs::ProductData &prd, m_rootProjectNode->qbsProjectData().allProducts()) {
             foreach (const qbs::GroupData &grp, prd.groups()) {
                 foreach (const QString &file, grp.allFilePaths())
                     result.insert(file);
@@ -171,7 +171,7 @@ QStringList QbsProject::files(ProjectExplorer::Project::FilesMode fileMode) cons
             }
             result.insert(prd.location().fileName());
         }
-        result.insert(m_rootProjectNode->qbsProjectData()->location().fileName());
+        result.insert(m_rootProjectNode->qbsProjectData().location().fileName());
     }
     return result.toList();
 }
@@ -191,7 +191,7 @@ qbs::BuildJob *QbsProject::build(const qbs::BuildOptions &opts, QStringList prod
         QList<qbs::ProductData> products;
         foreach (const QString &productName, productNames) {
             bool found = false;
-            foreach (const qbs::ProductData &data, qbsProjectData()->allProducts()) {
+            foreach (const qbs::ProductData &data, qbsProjectData().allProducts()) {
                 if (data.name() == productName) {
                     found = true;
                     products.append(data);
@@ -249,10 +249,10 @@ const qbs::Project *QbsProject::qbsProject() const
     return m_rootProjectNode->qbsProject();
 }
 
-const qbs::ProjectData *QbsProject::qbsProjectData() const
+const qbs::ProjectData QbsProject::qbsProjectData() const
 {
     if (!m_rootProjectNode)
-        return 0;
+        return qbs::ProjectData();
     return m_rootProjectNode->qbsProjectData();
 }
 
@@ -494,9 +494,9 @@ void QbsProject::updateDocuments(const QSet<QString> &files)
     m_qbsDocuments.unite(toAdd);
 }
 
-void QbsProject::updateCppCodeModel(const qbs::ProjectData *prj)
+void QbsProject::updateCppCodeModel(const qbs::ProjectData &prj)
 {
-    if (!prj)
+    if (!prj.isValid())
         return;
 
     ProjectExplorer::Kit *k = 0;
@@ -525,7 +525,7 @@ void QbsProject::updateCppCodeModel(const qbs::ProjectData *prj)
     }
 
     QStringList allFiles;
-    foreach (const qbs::ProductData &prd, prj->allProducts()) {
+    foreach (const qbs::ProductData &prd, prj.allProducts()) {
         foreach (const qbs::GroupData &grp, prd.groups()) {
             const qbs::PropertyMap &props = grp.properties();
 
@@ -600,7 +600,7 @@ void QbsProject::updateCppCodeModel(const qbs::ProjectData *prj)
     m_codeModelFuture = modelmanager->updateSourceFiles(allFiles);
 }
 
-void QbsProject::updateQmlJsCodeModel(const qbs::ProjectData *prj)
+void QbsProject::updateQmlJsCodeModel(const qbs::ProjectData &prj)
 {
     Q_UNUSED(prj);
     QmlJS::ModelManagerInterface *modelManager = QmlJS::ModelManagerInterface::instance();
diff --git a/src/plugins/qbsprojectmanager/qbsproject.h b/src/plugins/qbsprojectmanager/qbsproject.h
index d657dc105be..b8f44c2f1c2 100644
--- a/src/plugins/qbsprojectmanager/qbsproject.h
+++ b/src/plugins/qbsprojectmanager/qbsproject.h
@@ -92,7 +92,7 @@ public:
     Utils::FileName defaultBuildDirectory() const;
 
     const qbs::Project *qbsProject() const;
-    const qbs::ProjectData *qbsProjectData() const;
+    const qbs::ProjectData qbsProjectData() const;
 
     bool needsSpecialDeployment() const;
 
@@ -123,8 +123,8 @@ private:
     void generateErrors(const qbs::ErrorInfo &e);
     void prepareForParsing();
     void updateDocuments(const QSet<QString> &files);
-    void updateCppCodeModel(const qbs::ProjectData *prj);
-    void updateQmlJsCodeModel(const qbs::ProjectData *prj);
+    void updateCppCodeModel(const qbs::ProjectData &prj);
+    void updateQmlJsCodeModel(const qbs::ProjectData &prj);
     QString qbsBuildDir() const;
 
     QbsManager *const m_manager;
diff --git a/src/plugins/qbsprojectmanager/qbsrunconfiguration.cpp b/src/plugins/qbsprojectmanager/qbsrunconfiguration.cpp
index a5941313070..12bb1f60245 100644
--- a/src/plugins/qbsprojectmanager/qbsrunconfiguration.cpp
+++ b/src/plugins/qbsprojectmanager/qbsrunconfiguration.cpp
@@ -71,16 +71,13 @@ QString productFromId(Core::Id id)
     return id.suffixAfter(QBS_RC_PREFIX);
 }
 
-const qbs::ProductData *findProduct(const qbs::ProjectData *pro, const QString &name)
+const qbs::ProductData findProduct(const qbs::ProjectData &pro, const QString &name)
 {
-    if (!pro)
-        return 0;
-
-    foreach (const qbs::ProductData &product, pro->allProducts()) {
+    foreach (const qbs::ProductData &product, pro.allProducts()) {
         if (product.name() == name)
-            return &product;
+            return product;
     }
-    return 0;
+    return qbs::ProductData();
 }
 
 } // namespace
@@ -197,12 +194,12 @@ void QbsRunConfiguration::installStepChanged()
 QString QbsRunConfiguration::executable() const
 {
     QbsProject *pro = static_cast<QbsProject *>(target()->project());
-    const qbs::ProductData *product = findProduct(pro->qbsProjectData(), m_qbsProduct);
+    const qbs::ProductData product = findProduct(pro->qbsProjectData(), m_qbsProduct);
 
-    if (!product || !pro->qbsProject())
+    if (product.isValid() || !pro->qbsProject())
         return QString();
 
-    return pro->qbsProject()->targetExecutable(*product, installOptions());
+    return pro->qbsProject()->targetExecutable(product, installOptions());
 }
 
 ProjectExplorer::LocalApplicationRunConfiguration::RunMode QbsRunConfiguration::runMode() const
@@ -521,7 +518,7 @@ bool QbsRunConfigurationFactory::canCreate(ProjectExplorer::Target *parent, cons
         return false;
 
     QbsProject *project = static_cast<QbsProject *>(parent->project());
-    return findProduct(project->qbsProjectData(), productFromId(id));
+    return !findProduct(project->qbsProjectData(), productFromId(id)).isValid();
 }
 
 ProjectExplorer::RunConfiguration *QbsRunConfigurationFactory::doCreate(ProjectExplorer::Target *parent, const Core::Id id)
@@ -562,10 +559,10 @@ QList<Core::Id> QbsRunConfigurationFactory::availableCreationIds(ProjectExplorer
         return result;
 
     QbsProject *project = static_cast<QbsProject *>(parent->project());
-    if (!project || !project->qbsProjectData() || !project->qbsProject())
+    if (!project || !project->qbsProject())
         return result;
 
-    foreach (const qbs::ProductData &product, project->qbsProjectData()->allProducts()) {
+    foreach (const qbs::ProductData &product, project->qbsProjectData().allProducts()) {
         if (!project->qbsProject()->targetExecutable(product, qbs::InstallOptions()).isEmpty())
             result << Core::Id::fromString(QString::fromLatin1(QBS_RC_PREFIX) + product.name());
     }
diff --git a/src/shared/qbs b/src/shared/qbs
index 22a2777a898..6de45d07b83 160000
--- a/src/shared/qbs
+++ b/src/shared/qbs
@@ -1 +1 @@
-Subproject commit 22a2777a898fdef6f2d5fc4f93a8c11682ecf4ea
+Subproject commit 6de45d07b8382c80dd0ebab993b8e0cadaac4338