Not sure, but if so, I really can't see it being that expensive. The things Shenmue did back in the day were completely alien to gaming and have not only become the norm, but also improved on as technology has gotten better.
If cost is still an issue (which in life, always is), there are corners that can be cut without damaging the core game in my opinion. Mini games, less observational moments for minor stuff, less irelevant NPC's interactions, a less technical fighting system etc. Going by where we know Ryo is going, it doesn't seem like there's going to be the vast city life etc the previous game had anyway and more forests and rural areas. That can work in their favour as trees, rock textures, bushes etc can (and are in all games) be duplicated.