I remember the day this was announced - Aug 2004, I believe - and what a strange day that was. Not a peep on Shenmue III, but here's a PC MMO that may only be released in China and Korea? It was incredibly frustrating, but I couldn't help but find the idea intriguing - if, perhaps, Shenmue was more popular than it was, without a stalled main storyline, thus warranting enough interest in an MMO spinoff...
Was the game ever officially canceled, even? Just seemed to slowly fade away into nothingness