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Hey look, it's a teaser trailer for Shenmue III. It features some lovely environmental art and uh... I'll just say it, those character models, specifically the faces, look downright terrible. I can only assume (hope) that the models are still very much a work in progress.
The first teaser of Shenmue III is built from a small slice of an in-development build of the game, and it delivers small peeks in new look of main characters, new characters, and feels of Shenmue world.