My wife and I are going to Hong Kong for week (22-29.08.2011) Can we apply for a visa to China as well?

Yes, you can apply for a China visa now from Chinese embassy in Israel. Generally, a single entry visa is valid for 3 months since issuance. Requirements for China tourist visa are as follows:
1. Application form for China

2. Your passport valid for at least six months with at least 2 blank visa pages.

3. One recent passport size photograph.

4. One Passport photocopy.

5. Ticket for leaving China and hotel reservation.

Sometimes, proof of financial support for travel is required, such as bank certificate.