diff --git a/modules/@angular/compiler/src/view_compiler/compile_element.ts b/modules/@angular/compiler/src/view_compiler/compile_element.ts
index ce7d9a88800f9..a29dd540feed6 100644
--- a/modules/@angular/compiler/src/view_compiler/compile_element.ts
+++ b/modules/@angular/compiler/src/view_compiler/compile_element.ts
@@ -210,12 +210,7 @@ export class CompileElement extends CompileNode {
       const directiveInstance = this.instances.get(tokenReference(identifierToken(directive.type)));
       directive.queries.forEach((queryMeta) => { this._addQuery(queryMeta, directiveInstance); });
     }
-    const queriesWithReads: _QueryWithRead[] = [];
-    Array.from(this._resolvedProviders.values()).forEach((resolvedProvider) => {
-      const queriesForProvider = this._getQueriesFor(resolvedProvider.token);
-      queriesWithReads.push(
-          ...queriesForProvider.map(query => new _QueryWithRead(query, resolvedProvider.token)));
-    });
+
     Object.keys(this.referenceTokens).forEach(varName => {
       const token = this.referenceTokens[varName];
       let varValue: o.Expression;
@@ -225,27 +220,6 @@ export class CompileElement extends CompileNode {
         varValue = this.renderNode;
       }
       this.view.locals.set(varName, varValue);
-      const varToken = {value: varName};
-      queriesWithReads.push(
-          ...this._getQueriesFor(varToken).map(query => new _QueryWithRead(query, varToken)));
-    });
-    queriesWithReads.forEach((queryWithRead) => {
-      let value: o.Expression;
-      if (isPresent(queryWithRead.read.identifier)) {
-        // query for an identifier
-        value = this.instances.get(tokenReference(queryWithRead.read));
-      } else {
-        // query for a reference
-        const token = this.referenceTokens[queryWithRead.read.value];
-        if (isPresent(token)) {
-          value = this.instances.get(tokenReference(token));
-        } else {
-          value = this.elementRef;
-        }
-      }
-      if (isPresent(value)) {
-        queryWithRead.query.addValue(value, this.view);
-      }
     });
   }
 
@@ -264,12 +238,14 @@ export class CompileElement extends CompileNode {
       this.view.injectorGetMethod.addStmt(createInjectInternalCondition(
           this.nodeIndex, providerChildNodeCount, resolvedProvider, providerExpr));
     });
+  }
 
+  finish() {
     Array.from(this._queries.values())
         .forEach(
             queries => queries.forEach(
-                q =>
-                    q.afterChildren(this.view.createMethod, this.view.updateContentQueriesMethod)));
+                q => q.generateStatements(
+                    this.view.createMethod, this.view.updateContentQueriesMethod)));
   }
 
   addContentNode(ngContentIndex: number, nodeExpr: CompileViewRootNode) {
@@ -282,12 +258,11 @@ export class CompileElement extends CompileNode {
         null;
   }
 
-  getProviderTokens(): o.Expression[] {
-    return Array.from(this._resolvedProviders.values())
-        .map((resolvedProvider) => createDiTokenExpression(resolvedProvider.token));
+  getProviderTokens(): CompileTokenMetadata[] {
+    return Array.from(this._resolvedProviders.values()).map(provider => provider.token);
   }
 
-  private _getQueriesFor(token: CompileTokenMetadata): CompileQuery[] {
+  getQueriesFor(token: CompileTokenMetadata): CompileQuery[] {
     const result: CompileQuery[] = [];
     let currentEl: CompileElement = this;
     let distance = 0;
@@ -425,10 +400,3 @@ function createProviderProperty(
   }
   return o.THIS_EXPR.prop(propName);
 }
-
-class _QueryWithRead {
-  public read: CompileTokenMetadata;
-  constructor(public query: CompileQuery, match: CompileTokenMetadata) {
-    this.read = query.meta.read || match;
-  }
-}
diff --git a/modules/@angular/compiler/src/view_compiler/compile_query.ts b/modules/@angular/compiler/src/view_compiler/compile_query.ts
index 6f9a2b1aa4741..db53a53355009 100644
--- a/modules/@angular/compiler/src/view_compiler/compile_query.ts
+++ b/modules/@angular/compiler/src/view_compiler/compile_query.ts
@@ -64,7 +64,7 @@ export class CompileQuery {
     return !this._values.values.some(value => value instanceof ViewQueryValues);
   }
 
-  afterChildren(targetStaticMethod: CompileMethod, targetDynamicMethod: CompileMethod) {
+  generateStatements(targetStaticMethod: CompileMethod, targetDynamicMethod: CompileMethod) {
     const values = createQueryValues(this._values);
     const updateStmts = [this.queryList.callMethod('reset', [o.literalArr(values)]).toStmt()];
     if (isPresent(this.ownerDirectiveExpression)) {
diff --git a/modules/@angular/compiler/src/view_compiler/compile_view.ts b/modules/@angular/compiler/src/view_compiler/compile_view.ts
index c1d999f5962f6..e4b8bfd1c7e9f 100644
--- a/modules/@angular/compiler/src/view_compiler/compile_view.ts
+++ b/modules/@angular/compiler/src/view_compiler/compile_view.ts
@@ -154,11 +154,11 @@ export class CompileView implements NameResolver {
     }
   }
 
-  afterNodes() {
+  finish() {
     Array.from(this.viewQueries.values())
         .forEach(
             queries => queries.forEach(
-                q => q.afterChildren(this.createMethod, this.updateViewQueriesMethod)));
+                q => q.generateStatements(this.createMethod, this.updateViewQueriesMethod)));
   }
 }
 
diff --git a/modules/@angular/compiler/src/view_compiler/query_binder.ts b/modules/@angular/compiler/src/view_compiler/query_binder.ts
new file mode 100644
index 0000000000000..9f2ddb31fb48c
--- /dev/null
+++ b/modules/@angular/compiler/src/view_compiler/query_binder.ts
@@ -0,0 +1,55 @@
+/**
+ * @license
+ * Copyright Google Inc. All Rights Reserved.
+ *
+ * Use of this source code is governed by an MIT-style license that can be
+ * found in the LICENSE file at https://angular.io/license
+ */
+
+import {CompileQueryMetadata, CompileTokenMetadata, tokenReference} from '../compile_metadata';
+import * as o from '../output/output_ast';
+
+import {CompileElement} from './compile_element';
+import {CompileQuery} from './compile_query';
+
+
+// Note: We can't do this when we create the CompileElements already,
+// as we create embedded views before the <template> elements themselves.
+export function bindQueryValues(ce: CompileElement) {
+  const queriesWithReads: _QueryWithRead[] = [];
+  ce.getProviderTokens().forEach((token) => {
+    const queriesForProvider = ce.getQueriesFor(token);
+    queriesWithReads.push(...queriesForProvider.map(query => new _QueryWithRead(query, token)));
+  });
+  Object.keys(ce.referenceTokens).forEach(varName => {
+    const token = ce.referenceTokens[varName];
+    const varToken = {value: varName};
+    queriesWithReads.push(
+        ...ce.getQueriesFor(varToken).map(query => new _QueryWithRead(query, varToken)));
+  });
+  queriesWithReads.forEach((queryWithRead) => {
+    let value: o.Expression;
+    if (queryWithRead.read.identifier) {
+      // query for an identifier
+      value = ce.instances.get(tokenReference(queryWithRead.read));
+    } else {
+      // query for a reference
+      const token = ce.referenceTokens[queryWithRead.read.value];
+      if (token) {
+        value = ce.instances.get(tokenReference(token));
+      } else {
+        value = ce.elementRef;
+      }
+    }
+    if (value) {
+      queryWithRead.query.addValue(value, ce.view);
+    }
+  });
+}
+
+class _QueryWithRead {
+  public read: CompileTokenMetadata;
+  constructor(public query: CompileQuery, match: CompileTokenMetadata) {
+    this.read = query.meta.read || match;
+  }
+}
diff --git a/modules/@angular/compiler/src/view_compiler/view_binder.ts b/modules/@angular/compiler/src/view_compiler/view_binder.ts
index bd4b41f77d19f..61353e423ed7e 100644
--- a/modules/@angular/compiler/src/view_compiler/view_binder.ts
+++ b/modules/@angular/compiler/src/view_compiler/view_binder.ts
@@ -15,6 +15,7 @@ import {CompileView} from './compile_view';
 import {bindOutputs} from './event_binder';
 import {bindDirectiveAfterContentLifecycleCallbacks, bindDirectiveAfterViewLifecycleCallbacks, bindDirectiveWrapperLifecycleCallbacks, bindInjectableDestroyLifecycleCallbacks, bindPipeDestroyLifecycleCallbacks} from './lifecycle_binder';
 import {bindDirectiveHostProps, bindDirectiveInputs, bindRenderInputs, bindRenderText} from './property_binder';
+import {bindQueryValues} from './query_binder';
 
 export function bindView(
     view: CompileView, parsedTemplate: TemplateAst[], schemaRegistry: ElementSchemaRegistry): void {
@@ -43,6 +44,7 @@ class ViewBinderVisitor implements TemplateAstVisitor {
 
   visitElement(ast: ElementAst, parent: CompileElement): any {
     const compileElement = <CompileElement>this.view.nodes[this._nodeIndex++];
+    bindQueryValues(compileElement);
     const hasEvents = bindOutputs(ast.outputs, ast.directives, compileElement, true);
     bindRenderInputs(ast.inputs, ast.outputs, hasEvents, compileElement);
     ast.directives.forEach((directiveAst, dirIndex) => {
@@ -75,6 +77,7 @@ class ViewBinderVisitor implements TemplateAstVisitor {
 
   visitEmbeddedTemplate(ast: EmbeddedTemplateAst, parent: CompileElement): any {
     const compileElement = <CompileElement>this.view.nodes[this._nodeIndex++];
+    bindQueryValues(compileElement);
     bindOutputs(ast.outputs, ast.directives, compileElement, false);
     ast.directives.forEach((directiveAst, dirIndex) => {
       const directiveInstance = compileElement.instances.get(directiveAst.directive.type.reference);
diff --git a/modules/@angular/compiler/src/view_compiler/view_builder.ts b/modules/@angular/compiler/src/view_compiler/view_builder.ts
index 305b686a5e1d7..6082f90ea3cdf 100644
--- a/modules/@angular/compiler/src/view_compiler/view_builder.ts
+++ b/modules/@angular/compiler/src/view_compiler/view_builder.ts
@@ -48,13 +48,16 @@ export function buildView(
 }
 
 export function finishView(view: CompileView, targetStatements: o.Statement[]) {
-  view.afterNodes();
-  createViewTopLevelStmts(view, targetStatements);
   view.nodes.forEach((node) => {
-    if (node instanceof CompileElement && node.hasEmbeddedView) {
-      finishView(node.embeddedView, targetStatements);
+    if (node instanceof CompileElement) {
+      node.finish();
+      if (node.hasEmbeddedView) {
+        finishView(node.embeddedView, targetStatements);
+      }
     }
   });
+  view.finish();
+  createViewTopLevelStmts(view, targetStatements);
 }
 
 class ViewBuilderVisitor implements TemplateAstVisitor {
@@ -416,7 +419,9 @@ function createStaticNodeDebugInfo(node: CompileNode): o.Expression {
   let componentToken: o.Expression = o.NULL_EXPR;
   const varTokenEntries: any[] = [];
   if (isPresent(compileElement)) {
-    providerTokens = compileElement.getProviderTokens();
+    providerTokens =
+        compileElement.getProviderTokens().map((token) => createDiTokenExpression(token));
+
     if (isPresent(compileElement.component)) {
       componentToken = createDiTokenExpression(identifierToken(compileElement.component.type));
     }
diff --git a/modules/@angular/core/test/linker/query_integration_spec.ts b/modules/@angular/core/test/linker/query_integration_spec.ts
index 83f60ede1f64e..dad0e322ec7aa 100644
--- a/modules/@angular/core/test/linker/query_integration_spec.ts
+++ b/modules/@angular/core/test/linker/query_integration_spec.ts
@@ -43,6 +43,8 @@ export function main() {
         NeedsContentChildWithRead,
         NeedsViewChildrenWithRead,
         NeedsViewChildWithRead,
+        NeedsContentChildTemplateRef,
+        NeedsContentChildTemplateRefApp,
         NeedsViewContainerWithRead,
         ManualProjecting
       ]
@@ -262,6 +264,15 @@ export function main() {
         expect(comp.textDirChild.text).toEqual('ca');
       });
 
+      it('should contain the first descendant content child templateRef', () => {
+        const template = '<needs-content-child-template-ref-app>' +
+            '</needs-content-child-template-ref-app>';
+        const view = createTestCmpAndDetectChanges(MyComp0, template);
+
+        view.detectChanges();
+        expect(view.nativeElement).toHaveText('OUTER');
+      });
+
       it('should contain the first view child', () => {
         const template = '<needs-view-child-read></needs-view-child-read>';
         const view = createTestCmpAndDetectChanges(MyComp0, template);
@@ -730,6 +741,23 @@ class NeedsContentChildWithRead {
   @ContentChild('nonExisting', {read: TextDirective}) nonExistingVar: TextDirective;
 }
 
+@Component({
+  selector: 'needs-content-child-template-ref',
+  template: '<div [ngTemplateOutlet]="templateRef"></div>'
+})
+class NeedsContentChildTemplateRef {
+  @ContentChild(TemplateRef) templateRef: TemplateRef<any>;
+}
+
+@Component({
+  selector: 'needs-content-child-template-ref-app',
+  template: '<needs-content-child-template-ref>' +
+      '<template>OUTER<template>INNER</template></template>' +
+      '</needs-content-child-template-ref>'
+})
+class NeedsContentChildTemplateRefApp {
+}
+
 @Component({
   selector: 'needs-view-children-read',
   template: '<div #q text="va"></div><div #w text="vb"></div>',