TRichEdit dosen't support RichText?

TRichEdit dosen't support RichText?

So we have data in table that has RichText content.
But when we try to display it to RichText using below code it displays garbage characters.

RichEdit1.SelText := AnsiStringdbRichText;

This use to work with delphi's pre uniCode world.

To make it work I have to use save text to stream and load RichEdit from stream. 

Any idea what' going on? Thanks.