QML Binding on text type property is not working for color strings

If Binding is set for text property of QML Text and value is set to some color string, say "red", the value returned to Text Item text gets changed to #ff0000.

    Text {
        id: colorLabel
    }
    Binding {
        target: colorLabel
        property: "text"
        value: "red" // this is wrongly converted to "#ff0000" but is NOT a color!
    }

Please refer to the attached sample.