How to make item view render rich (html) text in Qt

Suppose my model has items with the following string for Qt::DisplayRole

<span>blah-blah <b>some text</b> other blah</span>

I want QTreeView (actually, any item view) to render it like a rich text. Instead, item views render it like a pure text by default. How to achieve the desired rendering?

Actually, this is a search results model. User enters a text, some document is searched against that text and the user is presented with search results, where the words being searched should be bolder than surrounding text.

My answer is mostly inspired by @serge_gubenko's one. However, there were made several improvements so that the code is finally useful in my application.

class HtmlDelegate : public QStyledItemDelegate
{
protected:
    void paint ( QPainter * painter, const QStyleOptionViewItem & option, const QModelIndex & index ) const;
    QSize sizeHint ( const QStyleOptionViewItem & option, const QModelIndex & index ) const;
};

void HtmlDelegate::paint(QPainter *painter, const QStyleOptionViewItem &option, const QModelIndex &index) const
{
    QStyleOptionViewItemV4 optionV4 = option;
    initStyleOption(&optionV4, index);

    QStyle *style = optionV4.widget? optionV4.widget->style() : QApplication::style();

    QTextDocument doc;
    doc.setHtml(optionV4.text);

    /// Painting item without text
    optionV4.text = QString();
    style->drawControl(QStyle::CE_ItemViewItem, &optionV4, painter);

    QAbstractTextDocumentLayout::PaintContext ctx;

    // Highlighting text if item is selected
    if (optionV4.state & QStyle::State_Selected)
        ctx.palette.setColor(QPalette::Text, optionV4.palette.color(QPalette::Active, QPalette::HighlightedText));

    QRect textRect = style->subElementRect(QStyle::SE_ItemViewItemText, &optionV4);
    painter->save();
    painter->translate(textRect.topLeft());
    painter->setClipRect(textRect.translated(-textRect.topLeft()));
    doc.documentLayout()->draw(painter, ctx);
    painter->restore();
}

QSize HtmlDelegate::sizeHint(const QStyleOptionViewItem &option, const QModelIndex &index) const
{
    QStyleOptionViewItemV4 optionV4 = option;
    initStyleOption(&optionV4, index);

    QTextDocument doc;
    doc.setHtml(optionV4.text);
    doc.setTextWidth(optionV4.rect.width());
    return QSize(doc.idealWidth(), doc.size().height());
}