According to Shenmue 3 Co-producer Cedric Biscay we'll get an update about PayPal in September.
https://twitter.com/TeamYu/status/631910693630005252
What I'm finding curious about this is the fact that Shenmue Dojo Facebook only speaks of Paypal news, while Team Yu only speaks of Shenmue III news:
News on #Shenmue3 coming in September
https://twitter.com/TeamYu/status/631910693630005252
The twitter user clearly asks about three things: Shenmue III, Paypal and "the HDs", obviously meaning Shenmue I&II HD. So if Cedric Biscay understood all parts of the question correctly, this might (!) mean we'll get an update on Shenmue HD next month. Which would by far be the biggest of those three possible updates. Unless the update is "No update on that one yet, sorry!".
Maybe some of the tweeters among you can ask Biscay for clarification?