According to something i read on ign :
The latest issue of Dori Maga, a multiplatform Japanese gaming magazine, includes a feature that asks various developers about possible sequels. Mostly, the developers seem to express their personal desires rather than flat-out confirming upcoming titles, but the feature is still an interesting read.
then a list , but it reaches to this :
Shenmue 3 (Sega): If a sequel were to be made, it would include the entire story until the final 16th chapter. AM2 head Yu Suzuki comments that if they receive the go from Sega, the game can probably be made in a profitable fashion.
Take this as u will , but it's interesting none the less (I wonder which developer said it)