Incorrect rendering of rich text

Consider the following rich text, set on a QTextEdit:

<b>Foo</b>
<br />
<div style="margin-left: 15px; margin-bottom: 20px; color: #808080;">x</div>
<b>Bar</b>
<br />
<div style="margin-left: 15px; margin-bottom: 20px; color: #808080;">y</div>

The expected result is that each piece of text appears on separate lines, with no empty lines between them, and with the margins as specified for the <div> blocks.

However, an empty line appears between "Foo" and "x", "Bar" appears in-line with "x", although it should appear on a new line, and there is also an empty line between "Bar" and "y".