A comment from Sega's Charles Bellfield leaves the issue up in the air, but it's interesting nonetheless.
According to GameCube-Europe, Sega's VP Charles Bellfield recently made an interesting statement in Europe's NGC Magazine (formerly N64 Magazine):
"We have a few gems to release on the Gamecube that we have not revealed yet, and we feel that the Shenmue series would find the format an interesting prospect."
Hey, so do we! Although certainly a promising (and intriguing) comment from Sega, this shouldn't be misconstrued as anything more than a sly remark. For now, Shenmue 2 will be released in North America ONLY on Xbox. If anything further is announced with regards to a possible GameCube version, we'll let you know.