Can installing telecom base stations on residential buildings reduce property fees?

Generally speaking, no, but you can apply for financial compensation.

Article 47 of the Regulations on Telecommunications in People's Republic of China (PRC) stipulates that basic telecommunication operators may attach telecommunication lines to civil buildings or install small antennas, mobile communication base stations and other public telecommunication facilities, and shall notify the building owners or users in advance, and pay the use fees to the building owners or other rights holders according to the standards set by the people's governments of provinces, autonomous regions and municipalities directly under the Central Government. If it is installed without notice, the community owners can protect their rights through law.