Yup, this is Shenmue. It looks amazing as expected from a Shenmue game (it's all about the environments really) and the turtles are adorable, and of course it wouldn't be complete without Lucky Hit.
Voice acting is somehow even worse than the originals, Lucky Hit needs double the gravity on its balls, Roll it on Top needs double the friction and half the bounciness on its dice, and I'm not sure how I feel about the "taking a shit in the countryside" training, but it's nitpicks I don't really care about anyway.
The combat needs a lot of refining but the core is there and looks as enjoyable and as easy to get into as the original games.
I get a fair amount of Sleeping Dogs vibe from the presentation of the game - from the walking sections, the new minigames, and the EXP screens. It's not a bad thing - Sleeping Dogs had great presentation - but it does make it feel a little less Shenmue.