Shenmue 3 is supposedly trucking along in development now. The game was successfully Kickstarted a couple months back, and has actually been fairly open at sharing screenshots of progress along the way. That's always good to see!
And here is another batch to get you jazzed. This is mostly just environmental work, but it does show that Shenmue 3 sure will be a colourful game. Everything seems very 'rural' this time around too, with no glimpses of cities yet released. An interesting choice, that will be interesting to see if it plays out.
Take a look: