diff --git a/target/i386/excp_helper.c b/target/i386/excp_helper.c
index 1447bda7a9..b10c7ecbcc 100644
--- a/target/i386/excp_helper.c
+++ b/target/i386/excp_helper.c
@@ -262,8 +262,8 @@ static hwaddr get_hphys(CPUState *cs, hwaddr gphys, MMUAccessType access_type,
         }
         ptep = pde | PG_NX_MASK;
 
-        /* if PSE bit is set, then we use a 4MB page */
-        if ((pde & PG_PSE_MASK) && (env->cr[4] & CR4_PSE_MASK)) {
+        /* if host cr4 PSE bit is set, then we use a 4MB page */
+        if ((pde & PG_PSE_MASK) && (env->nested_pg_mode & SVM_NPT_PSE)) {
             page_size = 4096 * 1024;
             pte_addr = pde_addr;
 
diff --git a/target/i386/svm.h b/target/i386/svm.h
index 23a3a040b8..ae30fc6f79 100644
--- a/target/i386/svm.h
+++ b/target/i386/svm.h
@@ -135,6 +135,7 @@
 #define SVM_NPT_PAE         (1 << 0)
 #define SVM_NPT_LMA         (1 << 1)
 #define SVM_NPT_NXE         (1 << 2)
+#define SVM_NPT_PSE         (1 << 3)
 
 #define SVM_NPTEXIT_P       (1ULL << 0)
 #define SVM_NPTEXIT_RW      (1ULL << 1)
diff --git a/target/i386/svm_helper.c b/target/i386/svm_helper.c
index 7b8105a1c3..6224387eab 100644
--- a/target/i386/svm_helper.c
+++ b/target/i386/svm_helper.c
@@ -209,16 +209,21 @@ void helper_vmrun(CPUX86State *env, int aflag, int next_eip_addend)
 
     nested_ctl = x86_ldq_phys(cs, env->vm_vmcb + offsetof(struct vmcb,
                                                           control.nested_ctl));
+
+    env->nested_pg_mode = 0;
+
     if (nested_ctl & SVM_NPT_ENABLED) {
         env->nested_cr3 = x86_ldq_phys(cs,
                                 env->vm_vmcb + offsetof(struct vmcb,
                                                         control.nested_cr3));
         env->hflags2 |= HF2_NPT_MASK;
 
-        env->nested_pg_mode = 0;
         if (env->cr[4] & CR4_PAE_MASK) {
             env->nested_pg_mode |= SVM_NPT_PAE;
         }
+        if (env->cr[4] & CR4_PSE_MASK) {
+            env->nested_pg_mode |= SVM_NPT_PSE;
+        }
         if (env->hflags & HF_LMA_MASK) {
             env->nested_pg_mode |= SVM_NPT_LMA;
         }