According to gamerzines, an HD re-release port of Shenmue 1 and 2 is heading to XBLA and PSN, as the development on the game has been finished for well over a year.
So, why have SEGA been holding off releasing any information on the title? Apparently SEGA chose not to give any official information out, until it had a clearer idea of the future for the Shenmue franchise. SEGA had been teasing last week that it was working on the HD port of Shenmue. An XBLA release has been rumoured since April 2010 when the game allegedly turned up on a secret developer test network.