QTextEdit puts unnecessary space in sub-lists

Consider this HTML block:

<ul>
<li>Item 1:<ul>
<li>Subitem 1.1</li>
</ul>
</li>
<li>Item 2:<ul>
<li>Subitem 2.1</li>
</ul>
</li>
</ul>

When viewed in QTextEdit (or printed via QTextDocument), there is an unnecessary vertical space between "Item 2" and "Subitem 2.1" (see the screenshot attached).