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Source: http://www.gamespot.com/articles/sega-investigating-shenmue-1-and-2-hd-remasters/1100-6439731/Sega has said it is "investigating" high-definition re-releases of the first two Shenmue games, but noted that licensing issues are creating some complications. Speaking in an episode of Sega Central, Sega Europe community manager Dan Sheridan said the company would "love to release these tomorrow."
"Sadly it's not as simple as porting the games to the current platforms," he continued. "We need to ensure that any HD remaster lives up to the quality of the original titles."
"With games as immersive as [Shenmue and Shenmue 2], there are further complications [involving] licensed products that were included in the original games. That said, we'd love to do it and are currently investigating how to make it a reality."
I'm sure people wouldn't be too bothered about the licences of some of the content, the main problem seems to be confusion as to whom owns the engine the game was built on - leading to issues there.