This isn't going to happen, I do know that SEGA has been trying to get a Shenmue HD port off its feet for awhile but the issue isn't going to be solved with Squeer co-publishing it.
I'd have to disagree. The fact that Sony and SE are involved is the only thing to me that lends credence to the image.
Also, SE has a better RPG publishing track record (sales, not quality) than SEGA. It would be a smart move to co-publish a risky Japanese title like Shenmue with them.
Also, SE has a conference for E3 this year. This would easily be a huge hype machine for them. Can't think of any legacy game that would get more hype from than a remaster of Shenmue.
If this is all a hoax, this is the best one I've seen yet as far as timing and implications.