The second main reason, though, is enough to make any fan of retro gaming frustrated beyond redemption,
and that’s the licensing issues holding it back. Shenmue was released back before gaming had fully developed its corporate legs.
Partnerships, sponsors, product placement. While such practices are no problem nowadays, games from 15 years ago weren’t forward looking enough to account for the popularity of these remakes and re-releases, and many are unable to see second releases because of expired contracts.
"If we are to do it, we’d want to do a fantastic conversion to the current platforms, and there are a lot of licences in the game, which were cleared many years ago,
so we will need to renegotiate those contracts."
https://www.technobuffalo.com/2016/09/06/sega-shenmue-remakes/