Sega Europe has registered the domain shenmuehd.com. Though the page is currently blank, it is expected to be used to announce an HD release of the Shenmue titles. Whether the Shenmue HD domain refers to both Shenmue titles has yet to be known.
Sega has stated in the past that they were looking into creating remastered versions of the Shenmue titles. We hope to hear more about these findings over the next few days.
Thanks to TSSZ.