There's no chance of Sega ever doing something like this ... but do you think Yu would be amenable if he got the rights somehow?
I don't think so. I hope he does, but It just doesn't seem very likely. Begging for donations. He'd have to commit seppuku afterward, and he's probably not ready to throw his life away just yet, haha. I doubt he'd even use it to fund an unknown project that wasn't near as expensive as Shenmue. I hope he just sucks it up and does it, though. Get the rights from SEGA, and then kickstart that shit. It's possible. I think the best chance there is of Shenmue 3 being made is if SEGA re-releases 1 and 2 and they somehow sell millions of copies. WHICH IT WOULD. Haha.