import QtQuick 2.0

Item {

    Rectangle {
        id:thetarget
        width: parent.width
        height:parent.height
        color: "red"
        border.color:"blue"
        border.width: 5

        Text {
            width: parent.width
            height: parent.height
            text: "FOO\nBAR";
            horizontalAlignment: Text.AlignHCenter
            verticalAlignment: Text.AlignVCenter
            font.pixelSize: 200
        }
    }
    PinchArea {
        id: pinchArea
        anchors.fill: parent
        pinch.target: thetarget 
        pinch.minimumRotation: 0
        pinch.maximumRotation: 0
        pinch.maximumScale: 10
        pinch.minimumScale:1
        pinch.minimumX: -width * thetarget.scale
        pinch.maximumX: width * thetarget.scale
        pinch.minimumY: -height * thetarget.scale
        pinch.maximumY: height * thetarget.scale
        pinch.dragAxis: Pinch.XAndYAxis
}

I worked out a solution:

• remove the line setting the pinch.target

• configure a handler for pinch updates by adding below fragment to the PinchArea:

        onPinchUpdated: function(pinchEvent) {
            // scale change:
            var oldScale = thetarget.scale;
            var newScale = oldScale * (pinchEvent.scale / pinchEvent.previousScale);
            newScale = Math.min(
                        Math.max(pinchArea.pinch.minimumScale, newScale),
                        pinchArea.pinch.maximumScale);
            var scaleRatio = newScale / oldScale;
            thetarget.scale = newScale;

            // keep the map center point on its place:
            thetarget.x *= scaleRatio;
            thetarget.y *= scaleRatio;

            // compensate to keep old pinch center in place:
            var deltaX = pinchEvent.previousCenter.x - thetarget.width/2; // positive if pinching right of center
            var deltaY = pinchEvent.previousCenter.y - thetarget.height/2; // positive if pinching below center
            deltaX *= (newScale - oldScale)/newScale; //positive a.o. if pinch center is to the right and zooming in
            deltaY *= (newScale - oldScale)/newScale;
            thetarget.x -= deltaX;
            thetarget.y -= deltaY;

            // apply the move of the pinch center:
            deltaX = pinchEvent.center.x - pinchEvent.previousCenter.x; // positive if panning to the right
            deltaY = pinchEvent.center.y - pinchEvent.previousCenter.y
            thetarget.x += deltaX;
            thetarget.y += deltaY;

            // enforce limits:
            thetarget.x = Math.min(Math.max(thetarget.x, pinchArea.pinch.minimumX), 
                                            pinchArea.pinch.maximumX);
            thetarget.y = Math.min(Math.max(thetarget.y, pinchArea.pinch.minimumY), 
                                            pinchArea.pinch.maximumY);
        }

Notice that it is important not to put the PinchArea element inside the target element: this would impact the coordinates used in the pinchEvent and invalidates the above calculation.

IMO the current implementation is a bug, but I did not find a ticket in the Qt bug tracker. Not sure if I should/can report an issue...