aliastest.qml

import Qt 4.7

Item {
  width : 400
  height : 400

  Outer {

    anchors.fill : parent

    onFooChanged : console.log("Got Foo " + foo)

    // Comment this away and the above handler stops printing
    Component.onCompleted: {
      console.log("Foo at beginning is " + foo);
    }
  }
}

Inner.qml

import Qt 4.7

Item {
  property int foo : 1

  Timer {
    interval: 1000; running: true; repeat: true
    onTriggered: {
      console.log("Triggered");
      foo = foo *2;
    }
  }

  // This works just fine
  onFooChanged: {
    console.log("Inner onFooChanged");
  }
}

Outer.qml

import Qt 4.7

Item {
  property alias foo : inner.foo
  Inner {
    id : inner
  }
}