Let's face it - the sad truth is that Shenmue III is basically not going to happen now, for a variety of reasons including the fact that y'all just didn't buy the last game. At all. And you stomped on the Dreamcast until it was very, very dead.
So it's your fault, and you're going to have to live with that, but for long time fans of Shenmue and its arguably better sequel, the next best thing would be a HD reissue so we could actually get the chance to play these terrific titles yet again. Sega doesn't seem inclined to get around to doing this either, but that doesn't mean it won't happen.
Korean chap NoconKid is, in fact, working on this very thing. That is remaking the assets from scratch for Shenmue 1. Here's a video of how he's doing so far.
It's all very impressive, but so far just a small part of one small area of an utterly massive game. And one that's orders of magnitude smaller than the utterly huge second game. If nothing else, sharing this news might make Sega think again about reissuing the game on PC or something.