A remastered version of Shenmue and its sequel will apparently release this year this news comes from a trusted Atlus source who spoke to Rice Digital. The two games will apparently launch as a single package rather than separately and both are being prepared ahead of the release for Shenmue 3 which is due to come out this year.
SEGA’s been teasing a remaster for some time now, and hope was further reinforced by the registration of ShenmueHD.com domain names. If this rumor is indeed true we should see it around E3 or even before. We should find out eventually this year.