Mod creator NoconKid is creating an HD version of the original Shenmue. The project, which began as an HD recreation of the in-game arcade, has expanded to the entire map. The arcade itself has received additional attention, with news games and videos added to the virtual machines.
Projects like these are long shots. They take a considerable amount of time and effort, especially when created by one person. Then there's what happens when a large publisher like Sega takes notice of something like this, and whether they want to bother with licensing and monitoring someone using their IP. Though if one publisher is likely to consider the option, it's SEGA, which made a deal with indie developer Christian Whitehead, who has ported Sonic games to iOS. While we may never play this version of Shenmue in HD, we can still admire the screens and videos.