The US and EU save files are incompatible, but just barely. If you can get the US save on your computer you can manually hex edit small portion of it to make it work with the EU Shenmue II. I only did this once, and it was 10 years ago, so I don't remember the details.
Since then someone actually made a DC homebrew program that does it for you called Shenfix:
http://www.bucanero.com.ar/2007/01/25/shenmue-save-converter-beta/I've never used this, but as far as I know it works.
If you can't get it to work, don't worry too much. Aside from your capsule toy collection I'm not sure what else actually carries over. All the capsule toys in Hong Kong are different from Japan so once you are there you can't get the old stuff anymore (I think).
BTW, the end of Shenmue II f*cking amazing.