This is not being made from the Joyoland port that already exists, but it's completely new work. I'm with Johnpv on wishing it looked a little better. A HR texture pack for it would be nice.
I wouldn't doubt that they're doing Celceta also (probably late this year or in early 2018?).
The Chinese PC version of Celceta isn't too good unless you mod it (that translation patch which also adds in some lighting effects that were formerly Vita exclusive). XSEED would not stand for such a low quality port and would likely rather do a new, more graphically accurate one.
Hopefully NISA's translation of Ys 8 will be decent. Well, they did change "Serpentus: Merciless Shivering Vase" to "Serpentus: Merciless Herald of Sorrow".
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