Thanks to InsertCredit.com
for their brief summary of the ever-more-complicated question - is Sega's Shenmue III
in production? The site condenses: "Nov. 2001 - AM2 confirms production of Shenmue III is underway... Mar. 2002 - Shin Izakawa, new Shenmue series producer, says Shenmue II XBOX sales will determine release of Shenmue III... Jan. 2003 - Yu Suzuki reveals Shenmue III game designs, expresses desire to make it movie rather than game... July 2003 - Websites report that AM2 confirms Shenmue III will be released, but not where, when or on what. Minor controversy and buzz ensues."
GamePro also has a good summary
of recent rumors, most of which have either been unattributable or mistranslated. But clearly, Shenmue III was planned at one point
- maybe we'll finally find out if it's still being developed at the next Tokyo Game Show