Shenmue 1 & 2, at Sega and D3t is about 70% complete, says the latest Famitsu issue.
I got my hands on the Famitsu magazine today, and can confirm that it has "Development Status: 70%" in the same information box as the name of a PR official at SEGA, implying it is sourced officially.
Edit: I'm planning to put up a translation of the article up on Phantom River Stone in the near future.