Well, I don't think Nintendo will fund this. They just don't need to do it, and it seems to me they only do what they find necessary to strengthen their position.
Sony might be interested in having Shenmue 3 as an exclusive, but I don't think they're willing to pay for this kind of risky project.
This leaves us with... Microsoft. They've got the money, it's a project that shows their good will towards the Japanese market and the million or so that bought the original titles... they could easily launch Shenmue 2 on XBLA... I wouldn't be surprised with an E3 announcement. I would actually be crying tears of joy.
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