diff --git a/oak-segment-next/src/main/java/org/apache/jackrabbit/oak/segment/SegmentWriter.java b/oak-segment-next/src/main/java/org/apache/jackrabbit/oak/segment/SegmentWriter.java
index b2f44f2..26a4491 100644
--- a/oak-segment-next/src/main/java/org/apache/jackrabbit/oak/segment/SegmentWriter.java
+++ b/oak-segment-next/src/main/java/org/apache/jackrabbit/oak/segment/SegmentWriter.java
@@ -622,7 +622,7 @@ public class SegmentWriter {
             if (stream instanceof SegmentStream) {
                 SegmentStream segmentStream = (SegmentStream) stream;
                 List<RecordId> blockIds = segmentStream.getBlockIds();
-                if (blockIds != null) {
+                if (blockIds != null && allBlocksAreLocal(blockIds)) {
                     return writeValueRecord(segmentStream.getLength(), writeList(blockIds));
                 }
             }
@@ -960,6 +960,16 @@ public class SegmentWriter {
         }
     }
 
+    private boolean allBlocksAreLocal(List<RecordId> blockIds) {
+        SegmentTracker localTracker = getTracker();
+        for (RecordId recordId : blockIds) {
+            if (recordId.getSegmentId().getTracker() != localTracker) {
+                return false;
+            }
+        }
+        return true;
+    }
+
     private SegmentTracker getTracker() {
         return store.getTracker();
     }
diff --git a/oak-segment-next/src/test/java/org/apache/jackrabbit/oak/segment/RecordTest.java b/oak-segment-next/src/test/java/org/apache/jackrabbit/oak/segment/RecordTest.java
index 6632523..6c57b83 100644
--- a/oak-segment-next/src/test/java/org/apache/jackrabbit/oak/segment/RecordTest.java
+++ b/oak-segment-next/src/test/java/org/apache/jackrabbit/oak/segment/RecordTest.java
@@ -24,6 +24,7 @@ import static java.util.Collections.singletonList;
 import static junit.framework.Assert.assertNotNull;
 import static junit.framework.Assert.fail;
 import static org.apache.jackrabbit.oak.api.Type.BINARIES;
+import static org.apache.jackrabbit.oak.api.Type.BINARY;
 import static org.apache.jackrabbit.oak.api.Type.STRING;
 import static org.apache.jackrabbit.oak.api.Type.STRINGS;
 import static org.apache.jackrabbit.oak.plugins.memory.EmptyNodeState.EMPTY_NODE;
@@ -47,16 +48,11 @@ import java.util.Random;
 import com.google.common.base.Charsets;
 import com.google.common.collect.ImmutableMap;
 import org.apache.jackrabbit.oak.api.Blob;
-import org.apache.jackrabbit.oak.segment.BlockRecord;
-import org.apache.jackrabbit.oak.segment.ListRecord;
-import org.apache.jackrabbit.oak.segment.MapEntry;
-import org.apache.jackrabbit.oak.segment.MapRecord;
-import org.apache.jackrabbit.oak.segment.RecordId;
-import org.apache.jackrabbit.oak.segment.Segment;
-import org.apache.jackrabbit.oak.segment.SegmentStore;
-import org.apache.jackrabbit.oak.segment.SegmentTracker;
-import org.apache.jackrabbit.oak.segment.SegmentWriter;
+import org.apache.jackrabbit.oak.api.CommitFailedException;
+import org.apache.jackrabbit.oak.api.PropertyState;
 import org.apache.jackrabbit.oak.segment.memory.MemoryStore;
+import org.apache.jackrabbit.oak.spi.commit.CommitInfo;
+import org.apache.jackrabbit.oak.spi.commit.EmptyHook;
 import org.apache.jackrabbit.oak.spi.state.NodeBuilder;
 import org.apache.jackrabbit.oak.spi.state.NodeState;
 import org.junit.Test;
@@ -381,6 +377,31 @@ public class RecordTest {
     }
 
     @Test
+    public void testBinaryPropertyFromExternalSegmentStore() throws IOException, CommitFailedException {
+        byte[] data = new byte[Segment.MEDIUM_LIMIT + 1];
+        random.nextBytes(data);
+
+        SegmentNodeStore extStore = SegmentNodeStore.builder(new MemoryStore()).build();
+        NodeBuilder extRootBuilder = extStore.getRoot().builder();
+        Blob extBlob = extRootBuilder.createBlob(new ByteArrayInputStream(data));
+        extRootBuilder.setProperty("binary", extBlob, BINARY);
+        extStore.merge(extRootBuilder, EmptyHook.INSTANCE, CommitInfo.EMPTY);
+        PropertyState extPropertyState = extStore.getRoot().getProperty("binary");
+
+        NodeBuilder builder = EMPTY_NODE.builder();
+        builder.setProperty(extPropertyState);
+        NodeState state = writer.writeNode(builder.getNodeState());
+
+        try {
+            InputStream is = state.getProperty("binary").getValue(BINARY).getNewStream();
+            is.read();
+            is.close();
+        } catch (SegmentNotFoundException e) {
+            fail("OAK-4307 SegmentWriter saves references to external blobs");
+        }
+    }
+
+    @Test
     public void testStringPrimaryType() throws IOException {
         NodeBuilder builder = EMPTY_NODE.builder();
         builder.setProperty("jcr:primaryType", "foo", STRING);