Now before you decide to criticize me I want you to know that i don't know this for a fact, but i emailed Sega Europe, and here is what they had to say.
Dear Customer,
Thanks for your e-mail.
Shenmue 3 will be released. But at this time we do not have information regarding the release date.
For more information please go to www.sega-am2.co.jp
Kind regards
I am not sure if this old news to you or not.